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Bitcoin, the first and largest cryptocurrency by market capitalization, fluctuated between $43,750 and $44,384 in early Saturday trading.
BTC had hit highs of $44,754 the previous day after a stronger-than-expected US jobs report lowered the interest rate outlook for next year, before momentum faded slightly.
Bitcoin has risen more than 60% since mid-October, when speculation first surfaced about the approval of Bitcoin spot ETFs.
The leading cryptocurrency traded up 0.76% to $43,825 in the last 24 hours as investors digested its rapid rise to nearly $45,000 this week after breaking out from $38,000 a week ago.
Despite a slight lull in BTC’s momentum, traders still seem to be eyeing the $50,000 price mark.
BTC/USD daily chart, courtesy of TradingView
According to Bloomberg, options traders have piled up bets that Bitcoin will reach $50,000 by January, when many market analysts expect the SEC to finally allow exchange-traded funds to hold the cryptocurrency directly.
With this in mind, market observers expect the current upswing to continue and Bitcoin to head towards the $50,000 mark, where options strikes are piling up.
Meanwhile, the stable price of Bitcoin (BTC) has fueled capital flight into altcoins. Cardano, the eighth-largest cryptocurrency by market cap, is up as much as 24%, while Polkadot gained about 20% and Avalanche gained about 22%.
On the other hand, the key resistance level for BTC is at $47,360. Analysts believe that Bitcoin could reach new all-time highs if this resistance is broken to the $52,000 level.
On the other hand, crypto analyst Willy Woo sees a Bitcoin CME price gap between $39,000 and $41,000, which could indicate that Bitcoin could retest these levels in the event of a price decline.
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