Bitcoin Continues Surging – $45,000 in Sight
Bitcoin surged to $44,700 on February 8th, echoing its performance a month prior after spot Bitcoin Exchange-Traded Funds (ETFs) were approved.
This rebound fell short of January 11th’s peak of $48,494, revealing market volatility.
The broader cryptocurrency market saw a 2.3% uptick, with BitTorent (BTT) and Kaspa (KAS) being the biggest gainers with +33.4% and +17.6%, respectively.
Recent trading showed volatility, with the total liquidations in the crypto market reaching $103 million in the past 24 hours ($84.5 million being shorts).
Bitcoin is currently up by 4.3% in the past 24 hours and has a trading volume of over $25 billion. On the weekly chart BTC is up 6.3% and has a market cap of almost $878 billion.
The 1-day technical analysis from TradingView shows a rather bullish picture. The summary points at “buy” with 15 signals, while the moving averages show “strong buy” with 14. Oscillators remain neutral at 8.
READ MORE: Senator Janet Yellen Calls for Crypto Oversight Amid Regulatory Debate
The cryptocurrency market continues to evolve rapidly, with new developments and innovations shaping its trajectory. The approval of spot Bitcoin ETFs represents a significant milestone, offering investors alternative avenues to gain exposure to the digital asset.
However, regulatory uncertainties and market fluctuations underscore the need for careful navigation within this dynamic landscape.
As institutional interest grows and mainstream adoption expands, the cryptocurrency market is poised for further transformation, with Bitcoin at the forefront of this digital revolution.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
