Bitcoin price update: After taking investors on a roller coaster ride over the past two weeks, the crypto market started rising hours earlier on Friday. Bitcoin halving. Investors who have been anxiously waiting for the green light have rallied around BTC and altcoin prices, with most of them showing modest gains.
Ethereum, the second largest cryptocurrency network, is trading at $3,105, up 1.6% in the past 24 hours. Similarly, Solana It rose in line with the rest of the market, increasing its value by 6.5% to $145.
Over the weekend, Solana plummeted to $120 as geopolitical tensions gripped the market, with billions of dollars in liquidations and investors counting their losses.
The cumulative market capitalization increased by 5.4% in just one day to a staggering $2.47 trillion, confirming the bullish outlook for the market as a whole. Some altcoins posted double-digit gains, including Toncoin, which rose 17% to $7.20, and Internet Computer, which rose 11% to $13.
Bitcoin price update: Is BTC’s sudden move above $65,000 sustainable?
Market buzz is gaining momentum as Bitcoin's halving approaches, with investors betting on further moves towards $70,000. From a 24-hour low of $59,651, bitcoin price It was above $65,000 at the close of European trading on Friday.
The 15% increase in volume confirms improved sentiment and increased interest among traders. Furthermore, the market capitalization increased by 5% to $1.28, solidifying BTC's position as the leading cryptocurrency.
Based on the Relative Strength Index (RSI) applied to the 4-hour chart, a continued move towards higher support above $65,000 is not sustainable in the short term, especially if the hype around the halving continues. There may be.
Meanwhile, the 50-day exponential moving average (EMA) is congruent to prevent BTC from correcting much below $65,000. However, it is wise to prepare for a short-term sweep to gain new liquidity on the black uptrend line.
If the price closes above $65,000 for the day, the uptrend towards $70,000 after the halving will be confirmed again. A red band on the chart indicates potential selling pressure, which could delay the rally.
Bitcoin ETF net outflows shrink
Increase in net outflows Bitcoin ETF Tensions in West Asia are adding to uncertainty, putting pressure on prices and markets. For the first time in history, Iran directly attacked Israel, launching more than 300 ballistic missiles into its airspace.
Global risk asset markets, including cryptocurrencies, could be further hurt if Israel's potential retaliation for the Iranian attack escalates the war in West Asia.
but, SoSoValue It shows that daily net outflows in the ETF market fell to just $4.39 million on Thursday. Grayscale continues to record the highest outflows, with $89.99 million withdrawn from the GBTC ETF on April 18th.
There was also a change in the best-performing ETFs, with Fidelity leading the way with $37 million in net inflows, followed by BlackRock in second place with $18.76 million.
Bitcoin price rose in the first quarter, reaching a new ATH of $73,737. CoinGecko This was primarily driven by increased demand for ETFs.
Experts say demand for ETFs, coupled with the impact of the Bitcoin halving on the supply of rare digital assets, will be the next bullish factor. Bitcoin price is expected to peak above $100,000 by the end of 2024.
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