Bitcoin Crosses $46K as Year of ‘Long’ Begins, Easing ETF Sell-Off

February 11, 2024 | by


Bitcoin crossed the $46,000 mark as the Year of the Dragon began in East Asia, signaling a period believed to bring luck and prosperity. The digital currency saw gains and a decrease in selling pressure from ETF holders and miners, suggesting an increase in demand. BTC reached a one-month high as it benefited from the positive sentiment surrounding the Chinese New Year period. Analysts predict that Bitcoin could potentially rise to $48,000, with historical data showing gains during this festive season. The recent surge also came as the S&P500 and Nasdaq-100 indices reached record highs. Furthermore, several ETFs absorbed substantial bitcoin selling pressure, further indicating strong demand in the market.

Bitcoin Crosses $46K as Year of ‘Long’ Begins, Easing ETF Sell-Off

Bitcoin has crossed the $46,000 mark, showing a significant increase in price. This growth comes as the Year of the Dragon, which symbolizes luck and prosperity in the Chinese Zodiac, begins. The word for dragon in Mandarin Chinese sounds similar to the word for “long,” further enhancing the positive sentiment among crypto traders.

Historical Gains During Chinese New Year

Bitcoin has a history of experiencing gains during the Chinese New Year period. This can be attributed to the cultural significance of the holiday and the belief in increased luck and prosperity during this time. As a result, crypto traders often anticipate positive price movements during this period.

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The Year of the Dragon holds particular significance in Chinese culture, as it is associated with power, strength, and good fortune. This symbolic meaning adds to the enthusiasm of crypto traders, boosting the memetic value of Bitcoin.

Bitcoin Price Prediction

According to 10X Research, Bitcoin’s price could rise to $48,000 in the coming days. This research is based on historical trends that show Bitcoin typically experiences gains during the Chinese New Year period. The projected gain represents an increase of at least 11%.

In the past two weeks, Bitcoin has already seen an increase of nearly 15%. This growth has helped to counteract the sell-off caused by the introduction of Bitcoin exchange-traded funds (ETFs). Despite initial concerns about the impact of ETFs, the market has absorbed the selling pressure, indicating a strong demand for Bitcoin.

Bitcoin’s Recent Performance

Recent data shows that Bitcoin has experienced a 15% gain in the past two weeks. This growth has been particularly notable as it coincided with the introduction of Bitcoin ETFs. While there were concerns that the introduction of ETFs would result in a sell-off, the market has proven resilient and absorbed the selling pressure.

Bitcoin ETFs have played a significant role in the recent Bitcoin market. They have absorbed over a billion dollars’ worth of selling pressure, indicating the demand for Bitcoin in the market. This suggests that investors are confident in the long-term potential of Bitcoin and are willing to hold onto their investments despite short-term fluctuations.

Slowdown in Bitcoin Movements from Miner Wallets

On-chain analysis has indicated a slowdown in Bitcoin movements from miner wallets. This slowdown is seen as an indication of reduced selling pressure from miners. Typically, movements from miner wallets signify selling activity, but the slowdown suggests that miners are holding onto their Bitcoin instead of selling it.

This reduction in selling pressure from miners further supports the positive market sentiment surrounding Bitcoin. It indicates that miners have confidence in the long-term value of Bitcoin and are not in a rush to sell their holdings.

Strength in Weekly Bitcoin Movements

Bitcoin has shown strength in its weekly movements, rising above its 50-day moving average. This confirms a bullish medium-term trend and eases concerns about a deeper correction in the market. The positive weekly movements suggest that Bitcoin and the broader crypto market are gaining strength after a period of consolidation and are poised to reach new highs.

The bullish medium-term trend in Bitcoin’s price is seen as a positive signal for the market. It indicates that Bitcoin has the potential to reach new market highs and continue its upward trajectory.

Market Impact of Bitcoin’s Performance

Bitcoin’s performance has had a significant impact on the broader crypto market. As the leading cryptocurrency, Bitcoin often sets the tone for the entire market. When Bitcoin experiences positive price movements, it typically leads to a broader market rally.

The recent strength in Bitcoin’s performance has had a positive effect on the overall market. As Bitcoin crosses the $46,000 mark, other cryptocurrencies are also experiencing an increase in value. This market strength is indicative of growing investor confidence in the crypto market as a whole.

Bitcoin’s position as the market leader is further solidified by its strong performance. As the most well-known and widely traded cryptocurrency, Bitcoin sets the benchmark for other cryptocurrencies and is often seen as a safe haven and store of value in times of market volatility.

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In conclusion, Bitcoin’s recent performance has been strong, crossing the $46,000 mark and showing a bullish medium-term trend. The historical gains during the Chinese New Year period and the easing of ETF sell-off have contributed to the positive market sentiment. Bitcoin’s movements from miner wallets and its strength in weekly movements further support this positive outlook. The impact of Bitcoin’s performance is evident in the broader crypto market, and its role as the market leader is solidified. CoinDesk remains committed to journalistic integrity and user privacy, as reflected in its updated disclosure and privacy policy.


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