Bitcoin and Altcoins Ride the Bull Wave as Spot Bitcoin ETFs Garner Impressive Inflows
Summary:
Bitcoin and altcoins are seeing a positive uptrend, reflecting in the significant inflows in Bitcoin spot ETFs. BlackRock and Fidelity's spot Bitcoin ETFs have witnessed impressive asset management growth. The market is showing bullish signs with coins like Ether, BNB, Solana, XRP, Cardano, Avalanche, Dogecoin, Polkadot and Chainlink navigating past crucial resistances and maintaining bullish patterns. Cryptocurrency market sentiments seem improving, but investors are advised to conduct careful research due to potential risks involved.
Bitcoin (BTC) is making strides, and this is a cause for celebration for those investing in exchange-traded funds (ETFs) as their value creeps higher. Spot Bitcoin ETFs saw their third highest inflows on Febraury 8, accumulating $403 million. Overall, the ETFs have pulled in over $2.1 billion since their inception on January 11. BlackRock and Fidelity's spot Bitcoin ETFs have both garnered more than $3 billion in managed assets. Reviewing the performance of every ETF during their initial month over the last three decades, Bloomberg ETF analyst Eric Balchunas stated on February 8 via X (formerly Twitter) that BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) are unmatched, leading the rankings by a considerable measure.
The upbeat move extends past Bitcoin, with select alternative coins (altcoins) also ascending, busting through their respective overhead resistance levels. This suggests a shift towards a more bullish outlook across the cryptocurrency sector.
But can Bitcoin remain on an upward trend, potentially prompting a surge in select altcoins? An analysis of the top 10 cryptocurrencies might provide the answer.
Price analysis for popular cryptocurrencies: Bitcoin experienced numerous failed attempts by bears to lower the price below the 20-day exponential moving average ($43,352) recently. This initiated substantial buying action on February 7. The following day, buyers pushed past the $44,700 resistance, paving the way for a potential climb to the psychologically significant $50,000 level.
Ether broke through the $2,400 overhead resistance on February 7, forming a bullish ascending triangle pattern. A decrease on February 8 was staved off by bullish traders, making a $2,632 target viable.
The BNB token jumped off the 50-day SMA ($305) on February 7, breaking the descent trend on February 8 and dismissing the bearish descending triangle pattern.
Solana climbed from the moving averages on February 7, with an attempt to navigate past the overhead resistance at $107.
After failing to drop and sustain XRP below the $0.50 support, the crypto quickly recovered to the 20-day EMA ($0.52), a crucial level to monitor.
Cardano displayed strong buying near the crucial $0.46 support level on February 7. The next day, bulls drove the price past the 20-day EMA ($0.51), taking on the descending channel's downtrend line.
Avalanche fell below the 20-day EMA on February 6 but quickly recovered as traders seized the opportunity to buy the dip.
Dogecoin continues its symmetrical triangle pattern trading, indicating a stalemate between bull and bear players over the crypto's future direction.
After failing to drop and maintain Polkadot below the head-and-shoulders pattern's neckline, bulls ushered the price above the 20-day EMA ($6.92) on February 7.
Finally, Chainlink has been in a consolidation phase since breaking past a major resistance at $17.32 on February 2.
This insight does not provide investment advice or recommendations. Each investment or trading action carries risk and should be made only after undertaking individual research.
Published At
2/9/2024 9:20:00 PM
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