Bitcoin targets $48k in ‘spot-based’ BTC price rally
Bitcoin (BTC) hit new 21-month highs on January 2 as excitement returned to crypto markets during the Asian trading session.
The price of BTC closes in the target range of the ETF
Data from Cointelegraph Markets Pro and TradingView show BTC price strength as the New Year holiday season ends.
In fresh excitement over the US's first-ever Bitcoin exchange-traded fund (ETF), BTC/USD rallied to $45,922 on Bitstamp.
Rumors abound about the ETF, including a possible decision ahead of the official approval window that begins on January 4.
Traders were not in two minds about the latest BTC price trend. In an update to subscribers on X (formerly Twitter), crypto Tony expressed “enthusiasm” about the direction the ETF is driving.
$BTC / $USD – Update
From the triangle I shared yesterday, we broke up, faster than expected. A few weeks ago my main goal was to return to cards
All this is waiting for the ETF pic.twitter.com/pknfifzoma
— CryptoTony (@CryptoTony__) January 2, 2024
Trader, analyst, and podcast host Scott Melker summed it up, “Bitcoin is trading like it's going to be approved as an ETF.”
Analyzing order book changes, another trader Skew noted that some selling was taking place but it remained relatively muted.
Now we are seeing $BTC small but close to 100BTC clips now on binance spotavg at $45,350.
100BTC being bought by a certain buyer on coinbase https://t.co/o8HO45JXqp
— Skew Δ (@52kskew) January 2, 2024
“Prices stalled since spot selling, seeing previous highs on dip (44.4km),” confirmed X's latest post.
As reported by Cointelegraph, BTC/USD estimates how high ETF concentration can go at $48,000.
No major bleeding for BTC shorts.
Although the year Despite gaining up to 8% by 2024, however, Bitcoin has not seen any significant losses from people playing otherwise.
Related: Countdown to US spot ETF: 5 things to know in Bitcoin this week
According to the latest data from statistical resource CoinGlass, only $38 million worth of BTC shorts have been released as of the date of writing.
Earlier, Cointelegraph reported on an extremely high volume of funds on exchanges, hinting at widespread belief that the ETF phenomenon is already on.
Cristo-crypto short liquidity reaches $62 million.
However, Skew noted that the “early” shorts were surprisingly taken with a move above $45,000.
“So what's clear here is that the bear market is generally exposed to the current movement that is being positioned, so that means there's going to be a feedback loop especially around $45k if it's in a price follow-up position,” he commented. .
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.
