Price analysis 2/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE
The rally in the S&P 500 and strong inflows into the Bitcoin ETFs appear to be fueling BTC's price surge above $50,300.
Bitcoin (BTC) has reached the psychologically crucial level of $50,000, boosted by the strength in the United States stock markets and solid inflows into the spot Bitcoin exchange-traded funds (ETFs). Popular trader Daan Crypto Trades pointed out in a X post that net inflows into the Bitcoin ETFs have been positive for 11 consecutive days.
Several analysts expect the bull run to continue, but CryptoSlate research and data analyst James Van Straten cautioned traders about a possible correction. Van Straten said in a X post that Bitcoin’s total supply in profit is nearing 95%, which “usually marks tops.”
While short-term risks of a pullback remain, the long-term picture looks encouraging. Crypto analysis platform Glassnode said in a X post on Feb. 10 that select on-chain indicators are showing signs that Bitcoin could be in the initial stages of a bull market.