Bitcoin (BTC/USD) daily chart
The post-ETF fallout did not last too long for Bitcoin as it is off to the races once again in the last two weeks. The drop last month was held and defended by the 100-day moving average (red line) just under $40,000. And since then, buyers are staking their claim and roaring back in response.
I would argue that risk appetite in equities have also been a key factor and Bitcoin is able to use that as a tailwind as well.
And now, it is finding life of its own as buyers are looking for a break above the $50,000 mark. It is now at the highest since December 2021 and looking at the charts, there is little in the way of a push towards the 2021 highs above $60,000 again. But whether that seems plausible is of course a different argument.
At the moment, one can make the case that the latest Bitcoin euphoria is being driven by the next Bitcoin halving – which is expected in April this year.