Bitcoin price is exploring the $38,000 to $49,000 range, opening the door for SOL, AVAX, RNDR and SUI to possibly move higher.
Bitcoin (BTC) has been gradually moving up during the weekend, indicating continued demand from the bulls. Data shared by Bloomberg analyst James Seyffart on Jan. 26 shows that BlackRock’s iShares Bitcoin Trust (IBIT) assets under management crossed the $2 billion mark.
Solid buying at lower levels arrested the decline in Bitcoin, but a new bull market is unlikely to start in a hurry. Bitcoin may consolidate its gains as traders focus on the inflows into the newly launched Bitcoin exchange-traded funds and wait for the Bitcoin halving in April.
If Bitcoin enters a range, it will be a positive sign as it shows that traders are not hurrying to book profits because they anticipate the uptrend to continue. That may also be good news for select altcoins, which may attract investors’ interest and resume their up move.