Hassan Maishera
TL;DR
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Bitcoin hit another yearly high of $44,408 on Tuesday after rallying by more than 5%.
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BlackRock and Bitwise have updated their applications for spot Bitcoin ETFs.
Bitcoin Hits $44k As Analysts Predict Rally To $48k
Bitcoin, the world’s leading cryptocurrency by market cap, has continued its impressive start to the month. It rallied to the $44,408 region on Tuesday, adding more than 5% to its value in the last 24 hours.
The rally came after BlackRock and Bitwise updated their applications for spot Bitcoin exchange-traded funds (ETFs). BlackRock, the world’s leading asset management firm, amended its filing to include clarifications on topics such as the Trust’s structure and potential regulatory impacts on it.
According to the filings, BlackRock and Bitwise are working hard with the SEC to iron out issues.
Bitcoin has since retraced and is currently trading above $43,600 per coin. This is the first time Bitcoin has been trading at $44k since April 2022. Joel Kruger, market strategist at LMAX Group predicts that Bitcoin’s price could test the $48k resistance level soon. He added that the cryptocurrency’s upward price momentum has a clear path ahead until the area between $48,000 and $53,000, based on technical price levels.
"There is a nice zone between those two levels with very little in the way of any meaningful resistance between the current price and that March 2022 high," the analyst added.
With Bitcoin rallying to $44k, the total cryptocurrency market cap now stands at $1.59 trillion, up by more than 3% in the last 24 hours.
Dogecoin and Avalanche (AVAX) are the best performers amongst the top 10 cryptocurrencies by market cap. DOGE is up by more than 18% in the last 24 hours and is currently trading at $0.1055 while AVAX added 15% to its value and now trades at $25.80.
