Category: Forex News, News

BTC-spot ETFs, $50,000, and an Eight-Day Winning Streak

BTC-Spot ETFs Sends BTC to $50,000 for the First Time […]

BTC-Spot ETFs Sends BTC to $50,000 for the First Time Since 2021

On Monday, BTC rallied 3.49%. Following a 1.05% gain on Sunday, BTC ended the Monday session at ,845. Significantly, BTC extended the winning streak to eight sessions and revisited ,000 for the first time since 2021.

Investor sentiment toward BTC-spot ETF market volumes and flows sent BTC to a Monday high of $50,316. While flow data for Monday are unavailable until later today, the flow data for Friday, February 9, resonated.

However, BTC-spot ETF market trading volumes for Monday contributed to the gains. iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) reportedly saw higher trading volumes than Grayscale Bitcoin Trust (GBT). The higher trading volumes for IBIT and FBTC suggested another day of solid net inflows.

IBIT and FBTC registered trading volumes of $905 million and 474 million, respectively. GBTC recorded trading volumes of $467 million on Monday.

As investors await the flow data for Monday, February 12, ETH-spot ETF news also drew investor interest.

On Monday, Franklin Templeton filed for an ETH-Spot ETF. Bloomberg Intelligence ETF Analyst James Seyffart shared the pre-Franklin Templeton application ETH-spot ETF table.

Final deadlines in May are the focal point for investors. SEC approval of the first batch of ETH-spot ETFs could lead to applications for other crypto-spot ETFs.

ETH-spot ETF Applications

Ethereum surged 6.09%, ending the session at $2,661. ETH struck a session high of $2,665 on news of the Franklin Templeton filing and bets on the SEC approving the applications.

BTC-spot ETF market data and ETH-spot ETF-related news will remain focal points. However, the US economic calendar may also influence BTC and ETH trends on Tuesday.

US CPI Report on Watch

A hotter-than-expected US CPI Report could reduce bets on the Fed cutting interest rates before June. A more hawkish interest rate path may affect the appetite for riskier assets.

Economists forecast the US annual inflation rate to soften from 3.4% to 2.9%. However, economists expect the core inflation rate to decline from 3.9% to 3.7%.

However, softer-than-expected core inflation numbers and a surge in BTC-spot ETF market net inflows could deliver another breakout session. After revisiting the $50,000 handle, the next target will be $52,500 as the bulls consider the November 2021 all-time high of $69,276.

Technical Analysis

Bitcoin Analysis

BTC remained well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the $50,500 resistance level would support a move toward the $52,500 handle.

BTC-spot ETF market flows and volumes, SEC activity, and the US CPI Report require consideration.

However, a drop below the $49,000 handle would bring the $48,178 support level into play.

The 14-Daily RSI reading, 78.44, shows BTC in overbought territory. Selling pressure could intensify at the $50,500 resistance level.

BTCUSD 130224 Daily Chart

Ethereum Analysis

ETH remained well above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH breakout from the $2,650 resistance level would bring the January high of $2,714 and the $2,750 handle into play.

ETH-spot ETF-related updates need consideration.

However, an ETH break below the $2,600 handle would support a fall toward the $2,457 support level.

The 14-period Daily RSI at 71.68 shows ETH in overbought territory. Selling pressure could intensify at the $2,650 resistance level.

ETHUSD 130224 Daily Chart

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