BTC is Looking for the Last Target at $50,000
Bitcoin (BTC) is exhibiting a gain of 5.7%, reaching $46,500 this week. The cryptocurrency saw a high at $47,196 but experienced a subsequent retracement. The rally in BTC is linked to the imminent approval of the first spot BTC-ETF by the U.S. Securities and Exchange Commission (SEC) on January 10. The crypto industry anticipates a significant influx of capital from American investors.
BTC has successfully surpassed a crucial resistance level at $45,000, and this momentum is expected to propel it towards $50,000 per coin. However, the 40-day average correlation between the Nasdaq 100 and BTC price was reset during this rapid rally. Consequently, BTC prices are currently considered relatively high.
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