After the S&P 500 reached a historic high, the price of Bitcoin exceeded 46 thousand dollars
Bitcoin (BTC) retook January highs on February 9 as bulls broke above resistance.
Analysis looks at the next auction for Bitcoin, stocks
Data from Cointelegraph Markets Pro and TradingView showed a new BTC price increase to $46,365 on Bitstamp.
Up more than 2% from the daily close, BTC/USD has returned to levels not seen since the US inception, fueling sell-side liquidity (ETFs).
These nine consecutive days of low net inflows and outflows from Grayscale Bitcoin Trust (GBTC) created a key argument supporting BTC's price.
Today's #Bitcoin sent in $GBTC/Grayscale comes out to be worth ~3.7K$BTC or ~$170M.
It's down a bit from yesterday.
Yesterday's net ETF inflows were a relatively large increase of +$146m.
This makes for 9 consecutive positive days of net income. pic.twitter.com/5ygX3s8avN
— Daan Crypto Trades (@DaanCrypto) February 8, 2024
Bitcoin's move has been linked to US stocks. The S&P 500 hit 5,000 points on the day — its first trip to a psychological high.
“From the Oct. 27 low, the S&P 500 is now up ~900 points,” Marketing Resource wrote in part in response to the Kobeisi letter on X.
“That means the S&P 500 has added nearly $8.5 trillion in market value in just 3 months. A truly historic run for stocks.”
In its latest market update on February 8, trading firm QCP Capital suggested that the uptrend in both stocks and crypto could continue to play out well.
Any exposure to equity will continue to be bought as unallocated investors chase returns.
“On the back of this bullish sentiment, BTC and ETH may follow along with the BTC halving and ETH spot ETF narratives.”
BTC price range over the horizon
Looking to the future, Keith Allan, founder of trading platform Material Indicators, suggests that we need to avoid wicks below the 50-day simple moving average, which is currently above $43,000.
RELATED: Bitcoin Futures Data Hints at BTC Price Rally Extending Above $45K
“BTCUSD 40K horizontal support is held at the close of each week,” wrote prominent trader Asel Kibar in his own analysis of the high timeframes.
“The trend channel is not broken. The upper boundary is 48-49k.
Kibar touched a BTC price range that is still active for more than 150 days, the January post-ETF high ceiling.
As Cointelegraph reports, various theories have emerged recently as to how this could fall on the block grant halving in April.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
