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.

Chart of the day - Bitcoin (12.02.2024)

09:32 12 February 2024

During the weekend, Bitcoin continued its rise, breaking above the $48,000 level. Such dynamic growth is likely influenced by several significant factors. The first is the positive sentiment in traditional financial markets. Stock market indices are reaching new historical highs. Another growth driver is the renewed risk for American regional banks, which are grappling with a series of potential systemic problems. Overlaying these mainly external factors are positive news from the cryptocurrency market. This includes the upcoming Bitcoin halving and increasing net inflows into ETF funds.

On the Bitcoin (D1) chart, we can see that the recent gains have pushed the price of Bitcoin to the upper limit of the growth channel that started at the beginning of the rises in 2023. Currently, several significant components converge in the resistance zone around $48,000. Firstly, this is a key level from the period of the last bull market, which served as a local consolidation zone several times. Secondly, this level coincides with the upper limit of the growth channel, and thirdly, it is the 61.8% Fibonacci retracement level for the bear market after the last bull run in 2021. Above this level, the movement may encounter further resistance around and above $50,000. In case of a correction, the levels of $44,000 and $40,000 should be particularly important to bear in mind.

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Source: xStation 5

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