Crypto Weekly Analysis: As Bitcoin Tops $41K, Is A Bull Run To $50K Imminent In February?

The post Crypto Weekly Analysis: As Bitcoin Tops $41K, Is A Bull Run To $50K Imminent In February? appeared first on Coinpedia Fintech News

Turning the tides of a bearish week with the sharp move of reclaiming the $41K mark, Bitcoin seems prepared to reclaim the lost momentum. Further, this week’s quick reversal marks a dominating move from buyers below the $40K zone.

With such a high-pressure buyback move in Bitcoin, the weekend comes on a more vital note in the crypto market. Bringing a boom in major sectors, the markets plan to start February on a more vital note. 

Onchain Fact: Since 2013, Bitcoin has been bullish in February except in 2014 and 2020, marking 9 out of 11 Februaries bullish. 

With the refreshed sentiments and refueled bullish anticipations, the frequency of signals supporting an upcoming bull run is adding up. But how high will Bitcoin go in 2024? Will it reach the $100,000 mark or the $1 Million milestone? 

Well, for such curiosities, Coinpedia brings out our BTC price prediction, Read this detailed prediction article to find out more about OG crypto’s upcoming milestones. 

Bitcoin’s 5% Leap Saves The Week.

Starting the week on a bearish note of 4.89%, Bitcoin lost the $40K level on Monday, resulting in a huge bearish candle. However, the sharp sell-off failed to ignite a vast bull run, leading to a long liquidation on Monday. 

Comparatively, the three days following the fall on Monday were quiet and led to multiple Doji candles. The lower price rejections set a bullish stage for Bitcoin by returning the support base at the $38.20% Fibonacci level and the $38K mark. 

With a 5% leap this Friday, the BTC price retests the broken support trendline with a spike in the intraday trading volume. Further, the buyers are testing the waters near the 50-day EMA and the 23.60% Fibonacci level close to the $42K mark. 

Source – Intotheblock

As per intotheblock’s GIOM indicator, 78.56% of Bitcoin addresses of HODLers are making money. Meanwhile, 3.90% of addresses are at the money, standing on/close to neutral grounds.  Hence, 17.55% of addresses are out of the money. 

Supporting the bullish turnaround, the Bitcoin longs & USD interest chart on Datamish shows a bullish rise this week. With the longs at 75,609 BTC from the low of 69,702 BTC on Monday, the 8.47% increment reflects a large shift in the underground movement of derivatives. 

Hence, the coming week could be full of quick and sharp moves for Bitcoin and take the altcoins for a rollercoaster ride. 

The Rising Tides in Altcoins

The altcoins had a rough week, with a 1.18% drop in the cryptocurrency market cap, excluding Bitcoin. Down at $744 Billion, the altcoins are turning the week around, with Bitcoin reclaiming the $41K mark and challenging the 50-day EMA. 

Despite the sharp dip this week, certain altcoins outperformed the market with double-digit gains. Manta Network, Sui, and Chiliz being the top performers this week, the altcoins gave returns of 49%, 25%, and 17%, respectively,

On the downside, we have ORDI, WOO, and Chainlink (LINK), each recording a fall of 16%, 14.83%, and 14.55%, respectively. 

Defi Market 

The Total DeFi market cap resurfaces above the $70 Billion mark with a sharp recovery on Friday. Moreover, the total value locked in the DeFi sector shows a small dip to the $56.47 Billion from last week’s value of $57.483 billion. 

However, the volume in the DeFi sector takes a refreshing approach and rises from $4.288 Billion to $3.012 Billion. 

Despite the minimal weakness in the overall sector, the DeFi tokens are recovering to end January on a bullish note. Amongst the top 200 altcoins, the top-performing DeFi tokens this week are 0x Protocol, Chromia, and Conflux, with 19%, 18%, and 17% growth, respectively.

On the flip side, the bearish side took over on the BAND, Curve Dao, and Chainlink. 

NFT market

With the ongoing challenges of the NFT market to regain momentum and create hype, the NFTs might start a new run in 2024. Further, with the increased volatility last week and the recovery on Friday, the NFTs are prepping a comeback. 

On the market updates side, Cristiano Ronaldo continues to promote his NFTs with HODLers from Binance. 

The Non-Fungible Tokens market finds the total sales going down to 3,776 and the sales value coming to $4.21 million.