Bitcoin surged past the $44,000 mark on Wednesday, marking its highest level in four weeks, buoyed by increased accumulation by large holders and a surge in U.S. equity indices to new all-time highs.
The leading cryptocurrency by market capitalization climbed from $42,700 earlier in the day to reach as high as $44,300, representing its strongest price performance since January 12, the day following the launch of spot bitcoin exchange-traded funds (ETFs) in the United States.
Bitcoin's 2.5% price jump over the past 24 hours outpaced the CoinDesk 20's 1.6% gain during the same period. Meanwhile, Ethereum (ETH) also showed strength, posting a 2.3% increase, while Cardano (ADA) experienced a slight decline of 0.4%.
Earlier this week, analysts at Bitfinex suggested that increased selling pressure from miners might have contributed to the recent downward pressure on BTC prices. However, a reversal in this trend could have overshadowed the influence of sellers today.
According to crypto analyst Ali Martinez, bitcoin whales, referring to large investors, have been increasing their accumulation of assets. Martinez cited Glassnode data, noting that the number of Bitcoin wallets holding over 1,000 tokens (approximately $44 million) reached a multi-month high of 73.
The ongoing upward trajectory of U.S. stock markets likely provided further support to risk assets like cryptocurrencies. The S&P 500 closed at a record high, nearly breaching the 5,000 level, while the Dow Jones Industrial Average and the Nasdaq Composite continued their ascent toward their respective all-time highs.
Concerns surrounding the financial health of New York Community Bancorp (NYCB) seemed to ease as the lender's shares recovered from significant early losses, ultimately closing higher by 6.7%. NYCB issued a statement late Tuesday to reassure market participants about its liquidity and deposit stability following a credit downgrade by rating agency Moody's.
In the altcoin market, Ethereum's ether saw gains surpassing $2,400 for the first time in two weeks, driven by renewed optimism surrounding spot ETFs. Asset managers Ark Invest and 21Shares amended their joint application earlier in the day to allow cash creations, aligning it more closely with recently approved spot bitcoin ETFs, potentially in a bid to proactively address regulatory concerns. The updated filing also hinted at the possibility of staking some of the fund's tokens to earn rewards.
Tokens associated with Ethereum, such as scaling network Polygon's MATIC, Optimism's OPT, and Arbitrum's ARB, experienced gains ranging from 2% to 4%, while liquid staking protocol Lido's LDO surged by 5%.
$BTC #Write2Earn #News #Tickeron BTC.X in upward trend: 10-day moving average crossed above 50-day moving average on February 07, 2024
The 10-day moving average for BTC.X crossed bullishly above the 50-day moving average on February 07, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In 10 of 18 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 56%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on January 28, 2024. You may want to consider a long position or call options on BTC.X as a result. In 59 of 132 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 45%.
The Moving Average Convergence Divergence (MACD) for BTC.X just turned positive on January 29, 2024. Looking at past instances where BTC.X's MACD turned positive, the stock continued to rise in 28 of 59 cases over the following month. The odds of a continued upward trend are 47%.
BTC.X moved above its 50-day moving average on February 06, 2024 date and that indicates a change from a downward trend to an upward trend.
Following a +3.89% 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in 212 of 445 cases, the price rose further within the following month. The odds of a continued upward trend are 48%.
The Aroon Indicator entered an Uptrend today. In 242 of 439 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 55%.
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