The crypto market experienced a memorable January with Bitcoin’s price peaking at $49,000 before a significant drop, only to recover above $40,000 as the month concluded. With ETF approvals leaving their mark on history, the market now turns its gaze towards February’s expectations.
Arkham’s data indicates a resurgence in outflows from GBTC, hinting at growing investor interest as the Bitcoin halving event draws closer. Despite a recent dip, Bitcoin’s price touched the 50-day moving average, yet failed to break through the $44,700 threshold, adjusting to the latest Federal Reserve announcements.
Bitcoin’s Trajectory
Bitcoin’s future hinges on its ability to breach the $44,700 mark, with potential to revisit $49,000, or face a downturn towards $38,500. The market’s anticipation is palpable as investors and analysts alike speculate on the cryptocurrency’s next big move.
SOL’s Path Forward
SOL Coin’s performance is currently at a crossroads, with the critical $107 level posing a challenge for buyers. A successful break above this could pave the way for further gains towards $117 and $126, marking crucial milestones for the asset’s growth.
XRP and AVAX Outlook
XRP Coin’s journey appears rocky, with multiple factors contributing to a bearish mid-term outlook. The coin’s resilience at the $0.5 support level is tested amid significant wallet hacks and asset movements. AVAX Coin, similarly affected by Bitcoin’s downturn, teeters on the edge of a descending channel, with investor optimism hinging on maintaining the $34.29 level.