Bitcoin Surpassed the $47,500 Mark
Bitcoin has gained 5% in the last 24 hours to cross the $47,500 mark.
The cryptocurrency market continues to rally. Over the past 24 hours, the major cryptocurrency has managed to break through the $45,000 resistance level, which has sent the price upward. The bulls continue to push the price higher, but here are a few more reasons for Bitcoin's growth.
Bitcoin has moved closer to the mark for the first time since spot ETFs were approved a month ago. The influx of assets into the funds is not the only reason for the growth. The most unobvious sign of growth has been a surge in risk sentiment across all markets. For example, the Dow Jones and S&P 500 indices continue to grow, reinforcing the positive sentiment of investors.
The upcoming Lunar New Year celebration has also influenced Bitcoin's growth. Many experts believe that this is the reason Bitcoin will continue its growth and will reach $48,000 in the short term and may even reach $50,000 before halving. Historically, Bitcoin grows by 10% during Lunar New Year celebrations.
#Bitcoin: Recent consolidation broken opening the door for push through $50k. February 1st low now comes in as key short-term level to watch below. $BTCUSD pic.twitter.com/b0SwIp2OZp
— LMAX Group (@LMAX) February 8, 2024
On the other hand, Bitcoin's growth has been affected by miners. At the moment, there is a decrease in the sales of mining pools.
Bitcoin growth provoked the liquidation of $100 million in the market. At the time of writing, the asset was trading at $47,498.
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Bitcoin is currently at the resistance level of $47,500. The next significant resistance is at $48,000. On the negative side, the bulls will not be able to keep Bitcoin at $47,500 and the price could fall to support levels of $46,850, $46,500 and $46,000.
This is not a 100 percent statement. The cryptocurrency market is known for its volatility. Investors should exercise caution and do their own research.
