In a day marked by stability, Bitcoin and other cryptocurrencies showed minimal movement on Monday, recuperating from recent selloffs. The market, still digesting the introduction of new spot Bitcoin exchange-traded funds (ETFs), is now anticipating the next significant catalyst for potential gains, expected as early as April.
As of the last 24 hours, Bitcoin has experienced a modest uptick of less than 1%, currently standing at $43,150. The digital currency had previously dipped to $42,250 before rebounding. Despite the recovery, Bitcoin is notably below its January peak of over $48,000, a level reached amid the trading frenzy surrounding the launch of the first spot Bitcoin ETFs in the U.S.
Alex Kuptsikevich, an analyst at broker FxPro, observed that Bitcoin found substantial support at $42,200, with buyers stepping in twice during dips. This resilience weakened the impact of sellers and quickly brought the price back to $43,000, a level that has served as a gravitational center since early December. Kuptsikevich pointed out that the 50-day moving average aligns with this level, indicating indecision in the market about its future direction.
The interplay between Bitcoin and other risk-sensitive assets, particularly stocks, is likely to persist in the coming days and weeks. Investors remain attentive to developments related to inflation and interest rates, with economic data and central bank communications potentially influencing token movements. However, with the initial hype fading around the long-awaited spot Bitcoin ETFs, traders are eagerly anticipating the next major catalyst for the crypto market.
“Exclusive drivers for the crypto market, such as bitcoin ETFs, have played out, forcing investors to wait for the next signal,” noted Kuptsikevich.
This anticipated signal might emerge as early as April, with the focus turning to the next Bitcoin “halving.” This periodic adjustment to Bitcoin’s programmatic monetary policy exerts pressure on supply, historically leading to upward price movements. Bitcoin has a well-established track record of surges in the run-up to each halving, occurring once every few years. The next halving is expected in April, presenting a potential turning point for the cryptocurrency.
Beyond Bitcoin, the second-largest cryptocurrency, Ether, saw a 1% gain, reaching $2,330. Altcoins exhibited mixed performance, with Cardano down 1% and Polygon up 1%. Memecoins, including Dogecoin and Shiba Inu, traded relatively flat, reflecting a more subdued market sentiment in this segment. As the cryptocurrency market maintains its equilibrium, all eyes are now on the horizon for the eagerly awaited April catalyst.
Metric | Value |
---|---|
Current Bitcoin Price | $43,150 |
24-Hour Bitcoin Change | < 1% |
Bitcoin Recent Low | $42,250 |
Bitcoin January Peak | > $48,000 |
Ether Price | $2,330 |
Ether 24-Hour Change | 1% |
Cardano 24-Hour Change | -1% |
Polygon 24-Hour Change | 1% |
Dogecoin Change | Close to Flat |
Shiba Inu Change | Close to Flat |