Bitcoin Breaks Above $43K Threshold Amidst Prolonged Consolidation

• At the time of writing, Bitcoin is trading at $43,207, up 0.99% in the last 24 hours.
• If the price manages to go above $43,800 then the price will likely test $44,160.

Crypto asset management company CoinShares stated that institutional crypto products had net inflows for the first time in three weeks in their most recent report. Following a precipitous drop of $500 million the week before, investors flooded the crypto market with $708 million last week. The most recent data shows that overall inflows have soared to $1.57 billion since the beginning of 2024.

Most cryptocurrency values are staying within a narrow range, indicating a consolidation phase. Recently, Bitcoin was able to break free of the $43,000 level amidst a prolonged period of consolidation.

On the other hand, the crypto enthusiasts have been getting ready for the impending Bitcoin halving due in April this year, so huge price activity is likely in the long run.

Clash of Titans

Bitcoin is now in a consolidation phase, with no discernible direction, says prominent crypto analyst van de Poppe. The cryptocurrency is reportedly bouncing around between important levels. If the anticipated enhancements to the Ethereum network go through as planned, this phase might pave the way for Ethereum to surpass Bitcoin in performance, according to his analysis.

At the time of writing, Bitcoin is trading at $43,207, up 0.99% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 5.93%. 

Source: CoinMarketCap

If the price manages to go above $43,800 then the price will likely surge further to test $44,160 resistance level. On the other hand, if the price manages to go below $41,930 level, then it will likely decline further to test $41,450 support level.