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The king cryptocurrency soared to $43,888 and at the time of writing, buyers are maintaining their strong position. The latest surge continued as of the time of writing, surpassing the $44,000 mark around 23:17. What’s the fundamental reason for the rise? What should investors expect? Here are the details.
Why Is Bitcoin Rising?
After the approval of the Spot Bitcoin ETF, a massive sell-off occurred in the daily candle on January 12th. The price dropped from the $49,000 level to $38,555. However, today a new and strong bullish candle is forming. The price climbed up to $44,180, marking the first return to this region since the January 12th drop, making today’s recovery of critical importance.
We often talked about the resistance at the $43,700 level and how breaking it could start the journey to $50,000. With the weakening of GBTC outflows and the return of spot buyers, BTC has surpassed the region. Now, with closures above the $44,300 region, the continuation of the rally can be expected.
It is too early to celebrate a new breakout, as previous attempts remained deviations. Support from the Asian markets opening hours later will be important. The view of three 25 basis point cuts from the Fed continues.
