Bitcoin approaches new yearly highs after erasing 20% dip Bitcoin approaches new yearly highs after erasing 20% dip
The flagship digital asset was trading at $49,725 as of press time.
1 min read
Updated: Feb. 12, 2024 at 3:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin touched the $49,000 on Feb. 12, reclaiming the price levels it hit afterย the historic approval of spot Exchange-Traded Funds (ETFs) related to the flagship crypto at the start of January.
The flagship crypto was trading at $49,725 as of press time, according to CryptoSlate data.
Bitcoin surged as U.S. markets opened for trading, erasing the 20% drop following the ETF approvals as traders executed a “buy the rumor, sell the news” event, and whales began taking profit on their holdings from the 160% rise over 2023.
New ATH
Analysts and experts are pointing to a surge to $50,000 and possibly a new all-time high price before the halving โ which is now just over 65 days away.
Market analysis indicates Bitcoin’s price is consolidating just beneath a pivotal resistance level, hinting at a potential breakout or adjustment phase.
The “Newborn Nine” ETFs launched in January have shown strong performance, breaking the $10 billion AUM level within the first month of trading and becoming some of the biggest Bitcoin holding entities in the world.
The performance has caused a significant surge in optimism around Bitcoin and its rising value.
Sentiment mixed
Notably, the sentiment surrounding the $50,000 milestone for Bitcoin is mixed, with some analysts advocating for caution.
Breaking past certain technical resistance levels, such as the Fibonacci retracement level at approximately $48,300, could catalyze further gains.
However, the market should also be prepared for various scenarios, including potential pullbacks to retest support levels.
Bitcoin Market Data
At the time of press 3:55 pm UTC on Feb. 12, 2024, Bitcoin is ranked #1 by market cap and the price is up 3.39% over the past 24 hours. Bitcoin has a market capitalization of $976.97 billion with a 24-hour trading volume of $25.29 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 3:55 pm UTC on Feb. 12, 2024, the total crypto market is valued at at $1.85 trillion with a 24-hour volume of $52.87 billion. Bitcoin dominance is currently at 52.86%. Learn more about the crypto market ›
Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.