Bitcoin rises ahead of schedule
|Market picture
The crypto market capitalisation has hit new highs since 12th January, passing the $1.75 trillion mark. The market has confidently moved into a state of greed, which we also last saw a month ago. Last month's corrective pullback and early February's consolidation have helped gather strength for a real breakout.
Bitcoin has gained almost 10% in the last four days to trade at $46.2K. All eyes are now on whether BTCUSD can break above the previous highs from which it pulled back shortly after the initial reaction to the launch of spot ETFs.
Technically, a growth above the $49K level would set the stage for a test of the all-time highs soon. This will be an exciting development, as it has previously occurred after a halving rather than in anticipation of one.
The influx of capital into the equity markets helped to push Bitcoin up to $46K. According to IntoTheBlock, the correlation between Bitcoin and the S&P 500 index was negative at the end of January but is now rising again.
News background
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