Bitcoin Price Surpasses $47,000: Weekly Rally and ETF Inflows

Bitcoin's Price Surges on Saturday, Approaching $47,450 with Impressive 3.25% Increase Signifying Significant Momentum

Bitcoin’s price may reach $50,000 this week as it reaches the ETF highs of January.

Arslan Butt | Last updated: February 10, 2024 07:43 EST | 4 min read

On Saturday, Bitcoin’s price soared, pushing past the $47,000 mark with a remarkable 3.25% increase. This surge marks the largest weekly rally for Bitcoin in four months, and it is accompanied by a significant climb above the $46,000 milestone.

At the same time, Bitcoin ETFs are experiencing a wave of excitement, with their third-largest daily inflow, as speculations arise about Bitcoin’s potential to reach the elusive $50,000 threshold.

Bitcoin Witnesses Its Largest Weekly Rally in Four Months

With the decrease in ETF outflows and the upcoming halving event in April, Bitcoin has jumped 5%, reaching one-month highs at $47,453. Analysts attribute this surge to pre-halving purchases and the decrease in ETF outflows. Historically, the halving event has led to price spikes as it restricts the quantity of Bitcoin available.

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Furthermore, Bitcoin has historically performed well in the years leading up to US elections, aligning with halving cycles. The reduced ETF outflows, particularly from Grayscale, indicate solid support for spot cryptocurrency prices.

Although a stronger dollar has historically negatively impacted cryptocurrencies, this effect is expected to diminish. This news may further bolster the positive outlook and lead to more price gains for Bitcoin.

Bitcoin ETFs Experience Third-Largest Inflow as Price Surpasses $46,000

Spot Bitcoin ETFs recently witnessed their third-largest inflow on February 8th, totaling $403 million. This comes despite over $100 million leaving the Grayscale Bitcoin Trust. Since their introduction on January 11, these ETFs have seen inflows surpassing $2.1 billion, indicating strong demand.

The BlackRock iShares Bitcoin Trust took the lead with $204 million in inflows, surpassing GBTC’s daily trading volume. This is seen as an optimistic sign of increasing investor demand.

According to net flows data, it seems that 8,698 BTC has been taken out of the market. With the next Bitcoin halving just around the corner in less than 70 days, the supply is expected to decrease.

Additionally, institutional interest in BTC is growing, potentially putting upward pressure on the price. All signs point to a persistently positive market outlook, which could contribute to the upward momentum of Bitcoin’s price.

Legal Woes for NBA: Class Action Suit Over Voyager Digital Endorsements

The NBA is currently facing a class-action lawsuit due to its marketing agreements with the defunct cryptocurrency exchange Voyager. The lawsuit alleges gross negligence on the NBA’s part, claiming that it caused $4.2 billion in investor losses.

The Miami lawsuit specifically accuses the NBA of promoting unregistered securities through joint ventures, such as the Dallas Mavericks owned by Mark Cuban.

These legal challenges, along with the ongoing legal issues surrounding Voyager and Cuban, highlight the need for governmental oversight in cryptocurrency advertising and the associated risks.

While these legal disputes directly harm the NBA’s brand, they may also indirectly impact the public’s perception of cryptocurrency investments, potentially influencing Bitcoin prices as traders evaluate market safety and stability.

Bitcoin Price Prediction

Investor attention continues to be focused on Bitcoin, with the cryptocurrency currently valued at $47,475, showing a slight decline of 0.12% over the past day. Bitcoin remains dominant in the market, boasting a significant market cap of $931.8 billion.

An analysis of the 4-hour chart reveals key price levels, with a pivot point at $46,716 acting as a balance for future price movements. The chart also indicates potential resistance levels at $47,279, $47,599, and $48,199, while establishing support levels at $45,567, $45,097, and $44,597.

Currently, the 50-Day EMA sits at $43,721, maintaining a positive outlook as long as the price remains above this level.

However, it is important to exercise caution as technical indicators suggest overbought market conditions, which may lead to a retracement in the near future.

Notably, a candlestick closing below the $48,200 mark, accompanied by a long wick, could indicate a weakening upward momentum and potentially signal a bearish correction.

With the overall trend favoring bullishness, it is advisable for investors to consider buying above the $46,700 mark and monitor closely for any signs of a shift in trend or a decrease in buyer momentum that may indicate a potential downturn.

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Disclaimer: Please note that the cryptocurrency projects mentioned in this article do not constitute financial advice from the author or the publication. Cryptocurrencies are highly volatile investments with considerable risk, so always conduct your own research.

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Q&A

Q: What is the significance of the Bitcoin ETF inflows?

A: The Bitcoin ETF inflows indicate a growing demand for Bitcoin among institutional investors. This is a positive sign for the cryptocurrency market as it suggests increasing confidence and interest from traditional financial players.

Q: How does the upcoming halving event affect Bitcoin’s price?

A: Historically, the halving event has led to price spikes for Bitcoin. The halving reduces the supply of new Bitcoins entering the market, which creates scarcity and can drive up prices. Investors often anticipate this event and make purchases in anticipation of potential price increases.

Q: How do legal disputes involving the NBA and cryptocurrency endorsements impact Bitcoin prices?

A: Legal disputes and negative publicity surrounding cryptocurrency endorsements can influence public perception of the market. This can have a ripple effect, causing investors to question the safety and stability of cryptocurrency investments, including Bitcoin. Uncertainty and negative sentiment may lead to short-term price fluctuations.

Q: What should investors consider in the current Bitcoin market?

A: Investors should closely monitor key price levels and technical indicators. Support and resistance levels provide insights into potential price movements, while technical indicators, such as the RSI, help gauge market conditions. It is important to stay informed and be cautious of market trends and potential retracements.

Q: What is the significance of the top 15 cryptocurrencies to watch in 2023?

A: The curated list of top 15 cryptocurrencies provides valuable insights and recommendations for investors looking to diversify their cryptocurrency portfolio. It offers expert advice on promising alternative cryptocurrencies and ICO projects, allowing investors to explore potential investment opportunities beyond Bitcoin.

Future Outlook and Conclusion

Bitcoin’s recent rally and the influx of Bitcoin ETF inflows indicate a positive market sentiment and growing institutional interest. The upcoming halving event and decreased ETF outflows further contribute to the optimistic outlook for Bitcoin’s price.

However, legal disputes surrounding cryptocurrency endorsements and the ongoing volatility of the market remind investors of the risks involved. It is crucial to conduct thorough research and exercise caution when investing in cryptocurrencies.

Looking ahead, Bitcoin’s price will continue to be influenced by various factors, including market demand, regulatory developments, and macroeconomic conditions. Staying informed and keeping a close eye on market trends will be key to making informed investment decisions.

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References:

1. Bitcoin needs to address scaling before ETFs drive momentum

2. Bitcoin price could breach $50,000 this month, says Matrixport

3. Bitcoin ETFs record third-largest inflow in a day as BTC price rises above $46,000

4. FTX debtors release estimated values for cryptocurrency claims, Bitcoin priced at $16,871 per coin

5. Chair of Digital Assets Subcommittee hopes to see crypto bills coming to fruition in 2024

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