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Post: Bitcoin Price Explores $38,000-$49,000 Range: Continual Demand from Bulls

Bitcoin Price Explores $38,000-$49,000 Range: Continual Demand from Bulls

Key Points:

  • Bitcoin price is currently exploring the $38,000 to $49,000 range, indicating continued demand from bulls.
  • BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $2 billion in assets under management, according to Bloomberg analyst James Seyffart.
  • A new bull market for Bitcoin is unlikely to start immediately, with consolidation and focus on Bitcoin ETF inflows and the upcoming halving in April expected.
  • If Bitcoin enters a consolidating range, it could be a positive sign for altcoins, attracting investor interest and potentially seeing upward movement.

Elaboration:

Bitcoin’s gradual upward movement during the weekend suggests sustained demand from bullish investors. James Seyffart, an analyst at Bloomberg, reported that BlackRock’s iShares Bitcoin Trust (IBIT) has now exceeded $2 billion in assets under management. However, it is unlikely that a new bull market for Bitcoin will begin immediately, as traders are expected to focus on the newly-launched Bitcoin exchange-traded funds and await the Bitcoin halving in April. If Bitcoin enters a consolidating range, it could be a positive sign as it indicates traders are not rushing to take profits and expect the upward trend to continue. This could potentially benefit select altcoins, attracting interest from investors and resuming their upward movement.

Hot Take:

Bitcoin’s current exploration of the $38,000 to $49,000 range demonstrates ongoing interest and demand from bullish investors. The milestone of BlackRock’s iShares Bitcoin Trust surpassing $2 billion in assets under management further reflects the growing institutional adoption of Bitcoin. While a new bull market may not immediately materialize, the consolidation phase and focus on Bitcoin ETF inflows are positive developments as they indicate that investors are confident in the long-term potential of Bitcoin. This, in turn, could create opportunities for select altcoins to gain traction and attract investor interest, presenting potential upside for those assets.


Original article: https://cointelegraph.com/news/bitcoin-range-consolidation-sets-the-stage-for-sol-avax-rndr-and-sui

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