Bitcoin (Bitcoin) The largest cryptocurrency index, the CoinDesk 20 index {{CD20}}, surged more than 2% to over $46,000 early Friday.
The largest cryptocurrency by market capitalization hit a one-month high as East Asia celebrates its biggest festival of the year and the start of what is considered one of the luckiest periods in the Chinese zodiac.
In Mandarin, the word for dragon is pronounced and boosted the same way as “long”. memetic value Among crypto traders.
Bitcoin has historically shown gains around the Lunar New Year, so it could rise as high as $48,000 in the coming days, 10X Research reported. stated in Thursday’s memo.a profit of at least 11% is predicted.
The asset rose nearly 15% over the past two weeks, data showed, with losses narrowed after a much-anticipated Bitcoin exchange-traded fund (ETF) turned out to be a sell-off. The rally to its highest since Jan. 12 came after the S&P 500 and Nasdaq 100 indexes hit new record highs on Thursday.
Several ETFs have since absorbed more than $1 billion worth of Bitcoin selling pressure over the past few weeks, showing there is demand.
Also, on-chain analytics firm CryptoQuant said in a note on Thursday that Bitcoin movements (meaning selling) from minor wallets appear to be slowing.
Meanwhile, some traders said recent Bitcoin price action dispelled concerns of further declines, citing strong weekly movements.
“Bitcoin rose above its 50-day moving average late Wednesday, confirming a bullish medium-term trend and raising concerns that the correction could deepen further,” Alex Kupczykevich, senior market analyst at FxPro, said in an email to CoinDesk. “I softened the situation,” he said. “On a weekly basis, Bitcoin and the broader crypto market are gaining momentum after an extended period of consolidation and are now poised to reach new highs.”
