Bitcoin traders expect a return to swing highs after BTC price hits $42,000

Traders rejoice as Bitcoin’s price hits $42,000. Here is why BTC’s price is up today.

Bitcoin’s (BTC) price has broken through $42,000 for the first time in nearly seven days as the market recovers from the aftermath of the spot Bitcoin exchange-traded fund (ETF)-linked sell-off.

Data from Cointelegraph Markets Pro and TradingView shows Bitcoin climbed rapidly from a price of $39,545 on Jan. 26 and gained 5% to trade at $41,973.

Bitcoin’s price performance comes as the market experiences a slowdown in outflows for Grayscale’s GBTC spot ETF.

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