Contents
BTC Hits $50,000 for the first time since 2021, propelled by the enthusiasm surrounding BTC-spot ETFs and an impressive eight-day winning streak. As investors eagerly await flow data for Monday, February 12, the market remains abuzz with excitement over the potential implications of this milestone.
Highlights:
- BTC rallied 3.49% on Monday, closing the session at $49,845.
- BTC revisited the $50,000 handle for the first time since 2021 on an eight-day winning streak.
- SEC activity, BTC-spot ETF volumes and flows, and the US CPI Report need consideration on Tuesday.
BTC Hits $50,000 for the First Time Since 2021
On Monday, BTC experienced a remarkable rally of 3.49%, extending its winning streak to eight consecutive sessions and reaching a price of $49,845 by the session’s end. The surge in investor sentiment towards BTC-spot ETF market volumes and flows drove BTC to a high of $50,316, marking a significant milestone for the cryptocurrency.
ETF Surge Boosts Trading Volumes and Investor Interest
The surge in BTC-spot ETF market trading volumes on Monday, particularly for iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), contributed significantly to the gains. With IBIT and FBTC registering trading volumes of $905 million and $474 million, respectively, surpassing Grayscale Bitcoin Trust’s (GBT) $467 million, the market witnessed solid net inflows, igniting further investor interest.
ETH-Spot ETF News Adds to Market Excitement
In addition to the BTC surge, Monday saw Franklin Templeton filing for an ETH-Spot ETF, adding to the growing excitement within the cryptocurrency market. With final deadlines in May looming, investors are closely monitoring SEC activity and potential approvals, which could pave the way for a wave of crypto-spot ETF applications.
Technical Analysis and Market Outlook
BTC’s position well above the 50-day and 200-day EMAs signals bullish sentiment, with a potential breakout above the $50,500 resistance level likely to propel it towards the $52,500 handle. However, caution is advised, as a drop below the $49,000 handle could bring the $48,178 support level into play. Moreover, with the 14-Daily RSI reading indicating overbought conditions at 78.44, selling pressure may intensify at the $50,500 resistance level.
Source: Tradingcompass.io
Conclusion
The attainment of the $50,000 milestone by BTC, fueled by the surge in BTC-spot ETF market volumes and flows, marks a significant moment in the cryptocurrency’s journey. As investors eagerly await further developments, including SEC activity and the US CPI Report, the market remains poised for potential further growth and volatility in the days ahead.
