Bitcoin ETF

Millions

Bitcoin

Raise

<p>Bitcoin has struggled to fall below the key $50,000 support level recently, despite some periods of sideways price action. The resilience around $50k suggests the market currently sees it as “fair value” for Bitcoin. The influx of institutional investors thanks to new Bitcoin ETF products is helping cement $50k as the new price floor.</p>
<p><strong>Institutional Interest Providing Strong Support</strong></p>
<p>As <a href="https://twitter.com/KevinSvenson_/status/1761102209100509639?t=Nz2sgQ1pNhFEw0O5DMW4Dw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Kevin Svenson</a> noted on Twitter, “Bitcoin demand is very high right now. Price unable to cross below $50,000. Despite the sideways action, what’s clear is that the market currently considers $50,000 ‘fair value.'”</p>
<p>The approval of Bitcoin ETFs has allowed major financial players like BlackRock and Fidelity to invest in Bitcoin. These institutions recognize the value for their clients in diversifying into cryptocurrency. The accessibility of Bitcoin ETFs makes it easier for them to gain Bitcoin exposure without needing to directly hold the asset.</p>
<p><strong>On-Chain Data Shows Institutional Accumulation</strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="675" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-1024x675.png" alt="" class="wp-image-443275" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-1024x675.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-300x198.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-768x506.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-1536x1012.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-2048x1349.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-228x150.png 228w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-100x66.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-336x220.png 336w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-531x350.png 531w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915-788x519.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-915.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>On-chain data from <a href="https://twitter.com/santimentfeed/status/1760831277006258216" target="_blank" rel="noopener noreferrer nofollow">Santiment </a>reveals how larger players are accumulating Bitcoin. Over the past 30 days, wallets holding over 1,000 BTC have risen by 7.4%. Meanwhile, smaller retail holders with less than 1 BTC have declined. This suggests institutions are buying the dip, making it hard for Bitcoin to break decisively below $50,000.</p>
<p><strong>Conclusion</strong></p>
<p>In summary, increased institutional interest and on-chain accumulation are providing strong support around today’s $50,000 Bitcoin price level. As more major players buy Bitcoin via ETF products, the market is signaling $50k as the new “fair value” baseline for Bitcoin. This makes it increasingly difficult for bears to push the top cryptocurrency significantly below this key threshold.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/why-is-xai-token-surging-analyst-says-consolidation-breakout-retested-heres-his-outlook/" target="_blank" rel="noopener noreferrer nofollow">Why is XAI Token Surging? Analyst Says ‘Consolidation Breakout Retested’ – Here’s His Outlook</a></li>
 <li><a href="https://captainaltcoin.com/starkent-strk-and-filecoin-fil-prices-pumping-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Starkent (STRK) and Filecoin (FIL) Prices Pumping – Here’s Why</a></li>
 <li><a href="https://captainaltcoin.com/meet-the-viral-cryptos-bitcoin-minetrix-and-blockdag-bdag-raise-millions-in-their-ongoing-presales-while-jupiter-surges/" target="_blank" rel="noopener noreferrer nofollow">Meet The Viral Cryptos – Bitcoin Minetrix and BlockDAG (BDAG) Raise Millions In Their Ongoing Presales While Jupiter Surges</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/why-is-the-50000-btc-support-level-rejecting-further-dips-in-bitcoins-price/" rel="noopener noreferrer nofollow">Why Is the $50,000 BTC Support Level Rejecting Further Dips in Bitcoin’s Price?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is the $50,000 BTC Support Level Rejecting Further Dips in Bitcoin’s Price?

Table of Contents

CaptainAltcoin

Other articles published on Feb 24, 2024

Daily Price Review: BTC, ETH, UNI, CAKE, FLOW

Meme Moguls (MGLS) vs. Bitcoin (BTC): Riding the Crypto Bull Run Who Will Lead the Charge?

$LUNC Up 25% Despite Do Kwon Woes, $XRP Possible ETF & $GFOX Ready for Retail Launch

Nigeria’s regulatory stance raises questions about crypto access

Frankfurt to host EU’s new anti-money laundering authority for crypto oversight

IOTA airdrop fails to impress; GFOX backed for success in 2024

Join our free newsletter for daily crypto updates!