empty
06.02.2024 07:41 PM
Investors are again buying BTC: Will the cryptocurrency resume its growth?

For the past seven days, Bitcoin quotes have been within the framework of a local consolidation movement with minimal trading volumes. In such a situation, a "triangle" has begun to form on the daily BTC/USD chart, indicating a high probability of an impulsive breakout in one direction. During this period, the volumes of BTC purchases have significantly increased, once again confirming the key influence of Grayscale on testing the $38.5k support level.

This image is no longer relevant

Despite the growing positivity in the cryptocurrency market, there is no reason to believe that the price of Bitcoin will break out of the "triangle" in an upward direction. Furthermore, the asset has not violated the global structure of the downward trend, so the probability of a downward movement still exists. An essential factor that can directly impact the future movement of Bitcoin's price will be the speeches of Federal Reserve members regarding their vision of monetary policy.

After the regulator's meeting and Fed Chairman Jerome Powell's restrained rhetoric, local pessimism prevailed in the markets, fueled by uncertainty about the start of monetary policy easing. Powell also noted that the U.S. is on an unstable financial path in the long term as the national debt is growing faster than the economy. In light of such statements, investment activity, especially in the crypto market, significantly decreased. This is why investors will be awaiting glimpses of hope in the speeches of other Fed members.

This image is no longer relevant

Investors resume buying BTC

Despite the pessimistic short-term prospects for the crypto market and Bitcoin due to maintaining the key interest rate at a high level, long-term investors are resuming the accumulation of BTC. According to Santiment data, wallets with balances of 1,000–10,000 BTC have actively bought cryptocurrency in the last two weeks. The positive news that BlackRock and Fidelity's Bitcoin exchange-traded funds entered the top 10 largest U.S. ETFs with inflows exceeding $4.8 billion also added to the optimism.

This image is no longer relevant

At the same time, analysts from The Block report that Bitcoin network transaction volumes have reached a high since September 2022, with a result of over $1.21 trillion. This indicates the high popularity of BTC even during correction movements. However, a bit of a setback comes from Genesis, a company undergoing bankruptcy proceedings, which has requested court permission to sell shares in Grayscale trusts, potentially negatively impacting Bitcoin quotes.

BTC/USD Analysis

As of writing, Bitcoin continues to consolidate near the $42.6k level. The primary target for BTC bulls remains breaking the 0.5 Fibonacci level at $43.3k. However, after several unsuccessful attempts, the asset's price has entered a consolidation phase. Relatively low trading volumes, standing at $18 billion as of February 6, hinder the successful realization of this idea. These volumes are also insufficient for Bitcoin bears to continue the downward movement towards $40.5k and below $40k.

This image is no longer relevant

In the last 24 hours, the situation around Bitcoin has not significantly changed. This means that the asset could either move towards forming the second leg of a Gartley pattern or resume a bullish rally, establishing itself above $45k. Although Bitcoin managed to break the structure of the local downward trend, settling above $42k, the upward movement has stalled. This indicates that sellers' positions above $43k remain strong, and there is a significant probability of a resumption of the downward movement.

Conclusion

There have been no significant changes in the structure of Bitcoin's price movement. The asset continues to consolidate near the $42.6k level with minimal price impulses. The main reason for BTC weakness is the ongoing flow of liquidity into the U.S. dollar index, Treasury bonds, and gold amidst geopolitical instability. In this situation, BTC investors are left to await the approaching halving, which significantly increases Bitcoin's chances of reaching a new high.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Análisis del par BTC/USD. El 23 de mayo. Otro pump del bitcoin

El conteo de ondas del gráfico de 4 horas para el instrumento BTC/USD se ha complicado un poco. Hemos visto una estructura correctiva bajista que finalizó su formación cerca

Chin Zhao 11:26 2025-05-23 UTC+2

Recomendaciones para operar con el Bitcoin el 23 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento anómalo y extremadamente no técnico, sin una sola corrección o retroceso. En poco más de un mes, el «oro digital» se ha encarecido

Paolo Greco 07:20 2025-05-23 UTC+2

Recomendaciones para operar con el Bitcoin (BTC) el 21 de mayo según el sistema ICT.

El Bitcoin sigue subiendo de forma inusualmente no técnica y sin una sola corrección o retroceso. Recordemos que el Bitcoin ha subido más de $31 000 en poco

Paolo Greco 07:12 2025-05-21 UTC+2

Análisis del par BTC/USD. El 20 de mayo. Nada puede desviar al Bitcoin de su camino

El análisis de ondas del gráfico de 4 horas para el par BTC/USD se ha complicado en los últimos meses. Hemos visto una estructura correctiva descendente que finalizó cerca

Chin Zhao 07:36 2025-05-20 UTC+2

Recomendaciones para operar con el Bitcoin el 20 de mayo según el sistema ICT

El Bitcoin mantiene una dinámica poco técnica, aunque se observan los primeros indicios de corrección. Recordemos que el Bitcoin ha subido más de $31 000 en poco

Paolo Greco 07:35 2025-05-20 UTC+2

Recomendaciones para operar con el Bitcoin el 19 de mayo según el sistema ICT

El Bitcoin sigue realizando movimientos poco técnicos, pero empieza a mostrar los primeros signos de una corrección. Recordemos que el Bitcoin ha subido $31 000 en poco

Paolo Greco 07:26 2025-05-19 UTC+2

Recomendaciones para operar con Bitcoin el 16 de mayo según el sistema ICT

El Bitcoin ha subido $31 000 literalmente en un mes, sin tener razones de peso para ello y sin mostrar una sola corrección o retroceso. Incluso ahora, después

Paolo Greco 07:25 2025-05-16 UTC+2

Recomendaciones para operar con Ethereum (ETH) el 16 de mayo según el sistema ICT

Ethereum sigue estrictamente la trayectoria del Bitcoin. La "segunda criptomoneda" continúa su ascenso, que en la última semana se ha convertido en un vuelo propulsado. Sin embargo, esto

Paolo Greco 07:25 2025-05-16 UTC+2

Recomendaciones para operar con el Bitcoin el 15 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento muy fuerte y ni siquiera intenta corregirse. En el último mes, la primera criptomoneda ha subido 31 000 $, recuperando por completo la caída

Paolo Greco 07:31 2025-05-15 UTC+2

Análisis del par BTC/USD. El 14 de mayo. ¿El Bitcoin apunta a una nueva tendencia "alcista"?

El tipo de cambio del instrumento BTC/USD ha aumentado significativamente en las últimas semanas, la demanda crece prácticamente a diario

Chin Zhao 07:22 2025-05-14 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.