#BTC fluctuates around $43K, what's next?

Positive Sentiment Surrounding Bitcoin, Its Price Holds Above US $ 43,000

MARKET HOME EXCHANGES AND STOCKS BONDS AND GOLD MUTUAL FUNDS COMMODITY RATES CORPORATE RECOMMENDATIONS Home Market Commodities Convenient without ads. BusinessPro Subscription Positive Sentiment Surround Bitcoin, Its Price Holds Above US$43,000 A series of positive sentiments surround Bitcoin this week, the price holds at the level of US$43,200 Nabila Pearl - Bisnis.com Saturday, 3 February 2024 | 09:15 Residents move near the bitcoin (BTC) cryptocurrency logo in Depok, West Java, Wednesday (01/04/2023). Business/Arief Hermawan P Enlarges Share of Smallest Font Largest Font Bisnis.com, JAKARTA — Bitcoin (BTC) has gone through fluctuating movements until early February 2024. Bitcoin started the week positively, with a break in the $43,000 price range. Citing Coin Market Cap data, Bitcoin on Saturday (3/2/2024) was observed to move up 0.12% to the level of US $ 43,250 in the last 224 hours, and rose 3.44% in a week. In the previous week, Bitcoin fell below $40,000, shrinking 20% to reach $38,600. The drop follows a surge to as low as US$48,983 when the first spot Bitcoin ETF trades in the US on January 11, 2024 following regulatory approval on January 10, 2024. The total market capitalization of Crypto Assets is at the level of US$ 848.42 trillion. At the same time, Ethereum (ETH) also gained 0.15% in 24 hours, moving at $2,317 over the past 24 hours.

Some altcoins also recorded significant gains in the last seven-day period. For example, Ronin (RON) which rose 25.48% to US $ 2.94. Chainlink also rose 24.43% in the week to $17.71.

Magic Crypto analysts said that the action of "Sell the News" and profit taking from investors after the news of the spot Bitcoin ETF was approved was the cause of the decline. Where a huge accumulation has begun since Blackrock filed a spot Bitcoin ETF since June 2023. Grayscale Bitcoin (GBTC) investors have sold more than $2 billion of GBTC since it was converted into an ETF, including a $1 billion share sale by FTX. But the weekend has seen slowing outflows of GBTC ETFs, followed by increased inflows from other spot Bitcoin ETFs such as BlackRock and Fidelity. In addition, the US Government also plans to sell around 2,930 Bitcoins worth US $ 117 million - US $ 130 million confiscated from Silk Road. This week, after the Federal Open Market Committee (FOMC) held a two-day policy meeting on Tuesday (1/30/2024) and Wednesday (1/31/2024). Investors are optimistic that the central bank will keep interest rates steady at 5.25 - 5.50 percent, and it is true. Another sentiment is that the SFC received its first application for a Bitcoin ETF, with 10 other financial institutions actively preparing for the launch of their ETFs. "Hong Kong has the potential to become the first Asian country to approve a spot Bitcoin ETF with the hope of launching the first spot Bitcoin ETF after the Lunar New Year on February 10," explained Ajaib Crypto analysts in an official statement, quoted Saturday (3/2/2024). Starting January 29, 2024, Google has also allowed ads for ETF products in the US, allowing BlackRock, VanEck, and Franklin Templeton to launch ad campaigns for their spot Bitcoin ETFs. "This move not only opens up new opportunities for Bitcoin ETFs, but also signals the growing recognition of crypto as a legitimate asset class." Bitcoin Prediction This Week This week, the crypto market tends to be optimistic that the Fed will maintain its interest rate at the January 30-31 FOMC, so it is predicted that it will not have too significant an impact on the crypto market. But the thing that will be of concern is a hint of when the Fed plans to cut interest rates. Technically, Tuesday (30/1) morning at 08:00 WIB, BTC moved at the level of $ 43,200 rising above MA-20 and MA-50. Furthermore, if BTC can hold above MA-50 or in the range of $42,850 then the potential towards the resistance area of US$44,500 and further at US$45,500. Meanwhile, if the breakdown is below MA-50 the potential decline to MA-20 dynamic support is in the range of $42,000 and the nearest support is at $40,500. However, investors and traders need to remain cautious and follow market developments so it is important to do independent research and invest with their respective risk profiles.

Author : Mutiara Nabila - Bisnis.com