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MTrading Team • 2024-02-14

BTC Prices Hit 2-Year Highs Above $50K

BTC Prices Hit 2-Year Highs Above $50K

The major cryptocurrency managed to hold recent gains above $49,000. Meanwhile, the overall crypto market corrected lower back on Tuesday along with the stocks also trended lower. The downtrend was triggered by the recent CPI report showing a higher-than-expected inflation rate in January. Markets saw the highest inflation rise by 0.4% since April 2023 with an overall annual increase of 3.1%.

All major indices ended in the red zone. Nasdaq, S&P, and Dow closed down 1.80%, 1.37%, and 1.35% respectively. At the same time, Bitcoin was among the assets with a negative response to the CPI report. Although it pulled back to $48,335 after hitting its 2-year high, bullish markets pushed the BTC price a bit forward. Crypto was traded above support at $49,400.

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Analysts are optimistic about the long-term outlook for Bitcoin's price ahead of the halving in April. The price appreciation that has traditionally followed the quadrennial reduction in new supply, despite the fact that many experts warned about the possibility of a deeper pullback.

After its launch, the spot ETF was swiftly priced into the market. However, traders have not yet factored in the supply shortage that will result from the halving. Market participants believe this will cause the fear of missing out on potential gains. It may all lead to Bitcoin hitting another all-time high.

Monday's flow data for the spot Bitcoin ETFs, which reveals that all the products combined accumulated 10 times more Bitcoin than miners were able to produce, is evidence of the growing demand from new investors, according to data released by Farsite.

May the trading luck be with you!