Bitcoin Targets $43,500 Liquidity Barrier as Spotlight Turns to Ethereum
Summary:
Bitcoin (BTC) recently re-engaged its advance towards the $43,500 liquidity barrier as the focus shifted to Ether (ETH). Notable trading experts anticipate Ether to outperform, especially if its proposed upgrades succeed. Over the weekend, broad consolidation among altcoins was observed, with a breakthrough potentially triggering the Q1 Altcoin Hype Cycle. Providential signs continue to emerge from the U.S. spot Bitcoin exchange-traded funds (ETFs), notwithstanding a "slow day" for some ETF providers.
On February 6, Bitcoin (BTC) once again initiated an attack on the liquidity barrier at $43,500, following the Wall Street opening, while the spotlight shifts to Ether (ETH). Tracing the recurring BTC price activity within a narrow daily range was observed via information from Cointelegraph Markets Pro and TradingView. BTC experienced a new high for February on Bitstamp just the previous day - hitting $43,515, only to retract entirely, with another attempt underway post the market close.
As of now, BTC/USD does not exhibit a clear trajectory causing traders to divert their attention to the rather engaging trading activity surrounding the most substantial alternate cryptocurrency, Ether. Michaël van de Poppe, founder and CEO of MN Trading, highlighted how Bitcoin is still vacillating between levels, suggesting a phase of consolidation. He expects Ethereum to take the center stage, particularly if its proposed upgrades are successful and speculated a pre-halving value of possibly $48K.
Popular trader and analyst, Rekt Capital, speculated that ETH/USD might replicate its previous spike to an 18-month peak last month, given its price stability signs at a ~$2274 range low support. Over the weekend, Rekt Capital researched altcoins and suggested that extensive consolidation within a tapering wedge formation was currently in progress, with the possibility of a bullish takeover. A potential breakthrough could potentially initiate the first quarter's Altcoin Hype Cycle, ensuing comments discussed the total altcoin market cap.
Recent updates on the United States' spot Bitcoin exchange-traded funds (ETFs) continued to present promising markers. The liquidation from the Grayscale Bitcoin Trust (GBTC) recorded lower figures than the preceding week, containing approximately 2,600 BTC ($114 million), as per data from Arkham, a crypto intelligence organization. Daan Crypto Trades, a popular trader, pointed out that yesterday's ETF net flows observed yet another increment of +$68M, marking seven consecutive positive influx days.
BitMEX Research, BitMEX's crypto-exchange analysis division, dubbed the latest inflows count as a good turnout for leader BlackRock, albeit a "slow day" for other ETF providers.
Reminder: This article is not investment advice or suggestions. Every investment and trading movement involves risk, and it is advisable to conduct thorough research before decision making.
Published At
2/6/2024 8:45:00 PM
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