Bitcoin price exceeds $46,000 as S&P 500 hits new highs

09 Feb 2024

The price of Bitcoin focused on January highs on Friday as bulls prevailed over resistance.

The world’s largest cryptocurrency hit $46,365 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

With a rise of more than 2% since the daily close, the Bitcoin price reverted to levels not seen since the US Securities and Exchange Commission gave the green light to spot Bitcoin exchange-traded funds (ETFs).

Bitcoin’s price hike also came alongside a historic move for stocks. Indeed, the S&P 500 hit 5,000 points on the day, Cointelegraph reports.

“Since the October 27th low, the S&P 500 is now up ~900 points,” according to trading resource, The Kobeissi Letter on social media platform X (formerly Twitter).

“This means that the S&P 500 has added nearly $8.5 TRILLION in market cap in just over 3 months. Truly a historic run for stocks.”

In addition, within its latest market update on Thursday, the uptrend on crypto and stocks may well continue, according to QCP Capital.

“It is likely that any dip in equities will continue to be bought as underallocated investors chase returns,” the firm stated.

“On the back of this bullish sentiment, BTC and ETH are likely to follow, coupled with the BTC halving and ETH spot ETF narratives.”

With the world’s largest crypto surging past the $46,000 mark, this reflects a bullish momentum within the digital currency space. BTC’s current trading dynamics place it strongly above the critical $45,267 level, signalling a strong buying trend amongst investors.

Crypto News reports that immediate resistance levels are seen at $46,315, $47,260, and $48,167, which Bitcoin could test should the upward trajectory continue.

FxPro senior market analyst Alex Kuptsikevich told CoinDesk: “Bitcoin rose above its 50-day moving average late Wednesday, confirming the bullish medium-term trend and easing fears of a deeper correction. On a weekly basis, Bitcoin and the broader crypto market have gained strength after a long period of consolidation and are now poised to make new highs.”

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