In a remarkable rally, Bitcoin surged to close the week, breaching the $47,000 mark for the first time in almost two years. On Friday, the premier cryptocurrency witnessed a gain of over 4%, reaching $47,307.00, according to data from Coin Metrics, marking a level unseen since March 2022. Alongside, Ether also saw an uptick, rising by 3% to $2,511.75.
Bitcoin’s trading volume and sentiment had been subdued over the past fortnight, as investors expressed concerns over significant outflows from the Grayscale Bitcoin ETF and anticipated a deeper pullback in its price before an expected upward surge later in the year. However, Bitcoin has now seen a 10% rise for the week, while Ether is on course for a 9% gain.
The positive sentiment seems to be resurging as the outflows from GBTC have slowed down. Furthermore, the momentum from the S&P 500 briefly touching the historic milestone of 5,000 on Thursday might be spilling over into the crypto market.
Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, remarked, “The recent price appreciation of bitcoin could be attributed to recent inflows into the spot ETFs, the prospect of the halving around the corner, which tends to generate optimism from investors as prices often shoot up after, and general market momentum.”
The surge has also lifted crypto equities in premarket trading, with major players like Coinbase and Microstrategy witnessing gains of more than 6%, and leading miners Riot Platforms and Marathon Digital seeing rises of 10% and 11%, respectively.
Bitcoin now approaches a crucial resistance level, identified earlier in the week by Fairlead Strategies at $48,600. If breached, this level could pave the way for a new all-time high, the firm suggested.
On Thursday, Bitcoin crossed $45,000 for the first time since January 12, the day following the commencement of U.S. Bitcoin ETF trading. While the cryptocurrency has struggled to maintain its pre-ETF highs, it has managed to stay above the anticipated low of $36,000 and has not fallen below $39,000 in the past month.
By: Delino Gayweh
Serrari Financial Analyst
February 12, 2023
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