Today in Markets

What's Next For Bitcoin After $50K?

BTC price action is getting crypto's hopes up
Feb 12, 20241 min read

The total crypto market cap (TOTAL) broke above $1.8T resistance as Bitcoin battled $50k, setting a new cycle high! How much higher can we go?

Bitcoin dominance increased sharply by 0.4% on the US open, bringing its total gain to 3.5% over the past month after bottoming as traders unwound their overweight BTC ETF approval bets.

Outsized gains on the US open are due to net ETF inflows resulting in BTC buy pressure, and while we do not yet know how BTC ETFs performed today, outflows into these instruments have been tapering, and inflows are just beginning to accelerate; today’s statistics will likely show a continuation of this trend!

Dominance bled as the day progressed, but the early BTC strength that resulted from this TradFi bid laid the groundwork for alt continuation and helped to propel Ether to above $2.6k!

Undoubtedly, strength across broader markets has been a major factor in crypto price appreciation; stock indices that continue to set new all-time highs give market participants the confidence they need to move further out on the risk curve.

Bitcoin could be one monthly candle away from setting new all-time highs, and with access to external demand for crypto assets unlocked by ETFs, a supportive macroeconomic environment and bid for broader risk assets is giving tokens room to run!

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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