Bitcoin, like other cryptocurrencies, is trading higher today. The world’s most famous cryptocurrency is trading 1.5% higher today, testing the $49,000 area. This is the zone that halted the advance back in the first half of January. However, the coin has enjoyed strong bullish momentum recently and a more sustained break above $49,000 cannot be ruled out.
Sentiment in the cryptocurrency market was boosted by the launch of Bitcoin spot ETFs. More specifically, the data continues to show strong inflows into cryptocurrency ETFs. A total of 9 Bitcoin Spot ETFs, which launched on January 11, 2024, have already attracted over $9 billion in investor capital. In addition, market insiders suggest that institutional investors are also piling into these investment vehicles.
Looking at the BITCOIN chart on the H4 interval, we can see that the coin is trading over 26% above the lows of late January 2024. The price briefly traded above the $49,000 area today, but has since pulled back slightly.
Source: xStation5
Source: Bloomberg Finance LP, XTB Research
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