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Bitcoin is the largest cryptocurrency, and its price is still far below the peak of over $48,000 in January.
Bitcoin and other cryptocurrencies barely moved on Monday, stabilizing after a sell-off in earlier trading. As the market digests the launch of a new spot Bitcoin exchange-traded fund, cryptocurrency traders are looking forward to the next major rally catalyst, which could come as early as April.
Bitcoin price rose less than 1% in the past 24 hours, to $43,150, after falling to $42,250 and then bouncing back. This largest cryptocurrency is still far below the peak of over $48,000 in January – the highest level since early 2022, reached in a trading frenzy triggered by the launch of the first spot Bitcoin ETF in the United States
“Bitcoin was bought back twice when it fell to $42,200. This solid support significantly weakened the sellers’ attack, pushing the price back to $43,000 – the center of gravity since early December. This is also where the 50-day moving average is now, indicating that the market is still undecided,” said Alex Kuptsikevich, an analyst at broker FxPro.
As investors remain focused on inflation and interest rate outlook, Bitcoin may continue to move in sync with other risk-sensitive assets (i.e. stocks) in the next few days or weeks. Economic data and central bank speakers this week may also affect the tokens – but traders are also looking forward to the next major cryptocurrency catalyst, especially as the hype over the long-awaited spot Bitcoin ETF fades.
Kuptsikevich said: “The exclusive driving factors of the cryptocurrency market (such as Bitcoin ETF, etc.) have played a role so far, forcing investors to wait for the next signal.”
It may only take until April. The focus is on the next Bitcoin “halving”, which is a change in the cryptocurrency’s programmatic monetary policy, which will put pressure on supply and possibly drive up prices. Bitcoin has a good record before each halving, which happens every few years, and the next possible change will happen in April.
Besides Bitcoin, the second-largest cryptocurrency, Ethereum, rose 1%, to $2,330. The trends of smaller tokens or altcoins are more complex, with Cardano falling 1% and Polygon falling 1%. Memecoin’s trend is more calm, with Dogecoin and Shiba Inu trading prices close to flat.
Sentiment: Positive
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