Cryptocurrency Bull Market Surges, Bitcoin Breaks $50,000

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Cryptocurrency Bull Market Surges, Bitcoin Breaks $50,000

Major cryptocurrencies, including Bitcoin, experienced a swift rebound on Monday evening after a brief setback following the launch of spot ETFs on January 11. The crypto bull market, which began in January 2023, is now in the FOMO stage.

The price of Bitcoin has surpassed $50,000 for the first time in over two years. Liquidations of short positions, totaling $55 million for BTC and $28 million for ETH, contributed to this surge. The global cryptocurrency market cap has reached $1.80 trillion, but has declined by 0.80% in the past 24 hours.

Meanwhile, the Dow Jones Industrial Average reached a record high on Monday ahead of upcoming inflation and earnings reports. The S&P 500 and Nasdaq Composite experienced slight declines.

Cryptocurrency stocks also saw gains on Monday, with Coinbase rising by over 3% and MicroStrategy surging by nearly 10%. Mining stocks, such as CleanSpark, Iris Energy, and Marathon Digital, also posted significant increases.

Analysts have provided insights into the Bitcoin price movements. Michael Van de Poppe believes Bitcoin is showing strength at resistance levels of $48,000-50,000, predicting a potential increase to $53,000-57,000 before the halving. Daan Crypto Trades identifies key monitoring levels at $47.5K and $50.4K. Gert van Lagen suggests that Bitcoin has broken above a Head and Shoulders Bottom pattern, aiming for a target price of $150,000.