Bitcoin Crosses $46,000 As Excitement Around BTC Halving Catches Steam

As per CoinMarketCap data, at the time of writing, the BTC price stood at $46,368.08. BTC price in India stood at Rs 40.30 lakh.

Bitcoin bulls are now looking towards $50,000 as the next significant psychological resistance level, fueled by positive sentiment. ( Image Source :Getty )

In a notable surge, Bitcoin (BTC), the leading digital currency, reached its highest point in a month, surpassing the $46,000 mark on February 9. This surge is attributed to steady capital inflows into various United States funds dedicated to cryptocurrency, alongside growing anticipation surrounding the forthcoming halving event slated for April.

"There is increased investor confidence leading up to the halving event," Mudrex CEO Edul Patel told ABP Live. "Additionally, the Chinese New Year period has been a catalyst for Bitcoin's upward momentum historically. The surge coincides with S&P 500 going to reach a historic highs." 

Patel added that Glassnode reports a 3.6 per cent increase in Bitcoin wallets holding more than 1,000 BTC from January 19 to February 6. Bulls are now looking towards $50,000 as the next significant psychological resistance level, fueled by positive sentiment.

As per CoinMarketCap data, at the time of writing, the BTC price stood at $46,368.08. BTC price in India stood at Rs 40.30 lakh.

The market witnessed the debut of nine US spot Bitcoin exchange-traded funds (ETFs) on January 11, alongside the transformation of the long-standing Grayscale Bitcoin Trust into an ETF on the same day. This shift towards ETFs is anticipated to diversify Bitcoin's investor base. The newly introduced funds have collectively attracted approximately $8 billion in net capital, while the outflow from the Grayscale fund, totalling $6 billion since its conversion, appears to be stabilising.

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