Here’s what bitcoin’s chart says about its next moves after it breached $50,000 this week

Bitcoin broke through $50,000 to start the week and although a stubbornly high inflation reading has pulled it lower since, the cryptocurrency is still in safe territory, according to chart analysts. On Monday, the cryptocurrency finished above $50,000 – at one point rising to $50,334.00, its highest level since December 2021. Technical analysts had expected this breakthrough last month , when bitcoin kicked off the new year with a rally that seemed to be heading toward $48,000. It’s retesting that level now, however, and it was due for the slight…

CleanSpark jumps on plans to buy 4 bitcoin mining facilities

An array of bitcoin mining units inside a container at a CleanSpark facility in College Park, Georgia, on April 22, 2022. Elijah Nouvelage | Bloomberg | Getty Images Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new mining facilities that will give it the power and infrastructure to potentially double its hashrate within the first half of the year. CleanSpark shares were last higher by nearly 9%. At one point, the stock rose as high as 10.8%, also helped by a midday rise in the…

Bitcoin could stay rangebound, Solana poised for breakout

Bitcoin investors have high hopes for 2024 given the cryptocurrency’s almost too-good-to-be-true setup , but they may have to wait a few weeks more for its next big ascent, according to Wolfe Research. On Wednesday, bitcoin finished the month of January right where it started, just above the flat line at the $42,000 level, despite the long-awaited launch of spot bitcoin exchange-traded funds in the U.S. That’s largely due to an extended sell-the-news phenomenon that pushed bitcoin below $39,000 at one point. The price has recovered but has yet to…

Ether takes center stage as bitcoin heads into one of its strongest months

Ether is ready to take the limelight in the month ahead after bitcoin and newly-launched bitcoin ETFs dominated crypto investor attention in January. Both bitcoin and ether are on pace to finish the month higher by nearly 2%, according to Coin Metrics. January saw sharp price swings driven first by hype before the launch of the first spot bitcoin ETFs in the U.S., and subsequent flows into and out of the funds after they began trading Jan. 11. By now, the outflows have tapered off and bitcoin’s outlook for the…

Why launch of new ETFs may not affect bitcoin as they did gold

It’s possible that the new exchange-traded funds may benefit bitcoin as an asset class, but in the near term, it’s more likely the cryptocurrency rediscovers its high correlations with equities, according to Citi. The launch of spot bitcoin ETFs in the U.S. has been widely anticipated for months, with many investors thinking they could revolutionize investing in the asset the way the SPDR Gold Shares ETF (GLD) did for gold in 2004. Bernstein recently said bitcoin could rocket to $200,000 by the end of next year with bitcoin ETFs. Only time…

This is what was behind the bitcoin sell-off and why JPMorgan thinks it could be ending

The driving force behind the recent sell-off in bitcoin may have run its course, according to JPMorgan. Bitcoin rallied in the second half of 2023 as optimism around the approval of exchange traded funds grew, but their debut earlier this month has proven to be a “sell the news” event for the world’s largest cryptocurrency. Bitcoin briefly traded above $49,000 shortly before the funds launched, but then fell more than 20% before seeming to stabilize around $40,000. BTC.CM= YTD mountain Bitcoin has retreated since the approval of bitcoin ETFs. JPMorgan…

Bitcoin Price Faces Crucial Test, Indicators Suggest Many Roadblocks To Recovery

Bitcoin price dived toward the $38,500 support zone. BTC is attempting a recovery wave and might struggle to climb above the $40,500 resistance. Bitcoin price extended its decline and tested the $38,500 support zone. The price is trading below $40,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to recover above the $40,000 and $40,500 resistance levels. Bitcoin Price Turns Red Bitcoin price…

Retail investors worry bitcoin will plunge below $20,000, bank survey says

Crypto skeptics aren’t changing their tune just because they can now buy bitcoin exposure through an exchange traded fund, according to a Deutsche Bank survey. Since the launch of the ETFs on Jan. 11, bitcoin has fallen about 20% to roughly $39,000, according to FactSet. So far, institutions have been slow to adopt the new funds in portfolios and retail investors aren’t entirely convinced they need to, London-based Deutsche Bank analyst Marion Laboure said in a note Tuesday. The bank polled 2,000 consumers across the U.S., U.K. and Europe after…

Bitcoin ETFs aren’t giving crypto a big boost just yet. Here’s where the new funds stand

The newly launched bitcoin ETFs are showing early signs of success, but they have so far fallen short of being the massive boost for crypto some bulls predicted. The funds began trading on Jan. 11 after receiving approval from the Securities and Exchange Commission, and ETFs from iShares ( IBIT ) and Fidelity Wise Origin ( FBTC ) have already raked in more than $1 billion of cash from investors in fewer than 10 trading days. Despite those quick milestones, reviews of the launches have been somewhat tepid. Citi analyst…

Bitcoin Price Takes Hit, Can Bulls Protect The Main Support at $40K?

Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone. Bitcoin price is gaining bearish momentum below the $42,500 zone. The price is trading below $42,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now at risk of more downsides toward the $40,000 support zone. Bitcoin Price Gains Bearish…