CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

🚀 Bitcoin tests $49,000 area!

15:26 12 February 2024

👀 Bitcoin jumps above January highs and reaches $49,000

Bitcoin, as well as other cryptocurrencies, trades higher today. The world's most famous cryptocurrency is trading 1.5% higher today and tests the $49,000 area. This is the zone that halted advance back in the first half of January. However, the coin enjoyed strong bullish momentum recently and a more sustained break above the $49,000 handle cannot be ruled out.

Sentiment on the cryptocurrency market has been supported by the launch of Bitcoin spot ETFs. More precisely, data continues to show strong inflows into cryptocurrency ETFs. Combined, 9 Bitcoin spot ETFs that launched trading on January 11, 2024 have already attracted over $9 billion in investors' capital. Moreover, market insiders are hinting that institutional investors are also piling into those investment vehicles.

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Taking a look at BITCOIN chart at H4 interval, we can see that the coin is trading over 26% above late-January 2024 lows. Price has briefly traded above the $49,000 area earlier today but has pulled back slightly since. 

Source: xStation5

Source: Bloomberg Finance LP, XTB Research

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