As we approach the first monthly closure of 2024, Bitcoin BTC is down $43,435 on its way to its annual beginning position. What comes next? During a pivotal week for US macroeconomic policy, the price of bitcoin stays close to $42,000. This paves the way for an upcoming chapter of increased volatility. Over the previous month, there were highs of $49,000, which were followed by 20% sudden losses. Bulls of Bitcoin are currently getting ready to face the Federal Reserve and political developments in the United States, which may cause more volatility in the cryptocurrency markets. As the first Bitcoin exchange-traded funds (ETFs) to be offered in the United States come to an end, this is happening. ETFs are a contentious matter in and of themselves.
Under the surface, however, the fundamentals of the Bitcoin network are getting ready to recover from the drop from $49,000 and move higher again. For instance, it is predicted that difficulty will rise by 4% in the upcoming days. Cointelegraph examines the key themes influencing the price of Bitcoin and the cryptocurrency industry through February and beyond.
Bitcoin BTC Completes A Circle To Close Out January
Unlike previous weekends, which yielded little to no actionable indications for traders, this one saw BTC/USD reach $42,800 on Bitstamp, according to data from TradingView and Cointelegraph Markets Pro. As we head into the first trading day in Asia this week, Bitcoin is still trading higher than it was on January 18.
The most recent BTC price movement is a component of the relief rebound that started last week following a $38,500 reverse. This was accompanied by traders’ reservations, some of which persist today – they caution that Bitcoin may easily reach lower lows in the future.