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Bitcoin (BTC) Price Stays Above $46K as ‘Long’ Year Begins, ETF Selloff Eases

Bitcoin rose above its 50-day moving average late Wednesday, confirming the bullish medium-term trend and easing fears of a deeper correction. This news comes from Alex Kuptsikevich, FxPro senior market analyst, who stated in an email to CoinDesk that “On a weekly basis, bitcoin and the broader crypto market have gained strength after a long period of consolidation and are now poised to make new highs.”

The cryptocurrency market has been through a period of uncertainty and consolidation in recent months, but the latest surge in Bitcoin’s price above the 50-day moving average has provided hope for investors. With the medium-term trend looking bullish, many are now anticipating new highs for Bitcoin and the broader crypto market. This news comes as a relief for those who have been concerned about a potential deeper correction, as the confirmation of the bullish trend eases those fears.

Alex Kuptsikevich’s statement to CoinDesk reflects the positive sentiment in the market, as he highlights the strength gained by Bitcoin and the broader crypto market on a weekly basis. This indicates that the recent surge above the 50-day moving average is not just a temporary blip, but rather a sign of sustained growth and potential for new highs. Investors and analysts alike will be closely watching the market in the coming days to see if this bullish trend continues and translates into new highs for Bitcoin and other cryptocurrencies.

The surge above the 50-day moving average is seen as a significant milestone for Bitcoin, as it provides further validation of the cryptocurrency’s strength and resilience. After a period of consolidation, this confirmation of the bullish trend has injected new optimism into the market. Many are now speculating on how high Bitcoin and the broader crypto market can go, as they anticipate the potential for new records to be set.

In conclusion, the news of Bitcoin rising above its 50-day moving average has sparked a wave of positivity in the cryptocurrency market. With the confirmation of a bullish medium-term trend and the potential for new highs, investors and analysts are closely monitoring the market for further developments. The surge in Bitcoin’s price has provided relief for those who were concerned about a deeper correction, and has reignited optimism for the future of the cryptocurrency market. As the market continues to evolve, all eyes will be on Bitcoin and its potential to reach new heights.

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