Bitcoin bulls chase after $50K, opening the door for IMX, KAS, TIA an STX to rally higher

Bitcoin’s strength has improved crypto sentiment, pulling altcoins like IMX, KAS, TIA and STX higher.

Risky assets have been on a roll for several days. The S&P 500 Index has notched five successive weeks of gains, and Bitcoin (BTC) also rose more than 13% this week, indicating aggressive buying by the bulls.

BitMEX Research data shows $2.7 billion in inflows into the nine Bitcoin exchange-traded funds (ETFs) on Feb. 9, while outflows from Grayscale Bitcoin Trust (GBTC) reduced to $51.8 million. The total assets under management of the ETFs have soared to $10 billion.

Bitcoin’s sharp rise has boosted positive sentiment, but Material Indicators’ CEO and co-founder Keith Alan cautioned in a X (formerly Twitter) post that Bitcoin is likely to face stiff resistance between the current level and $50,000.

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