Bitcoin Breaks $45,000 Barrier in 2024's Thrilling Start

In an electrifying start to 2024, BTC has surged past the $45,000 mark, as market excitement builds over the anticipated approval of a spot Bitcoin ETF by the SEC.

In a remarkable start to the year 2024, Bitcoin (BTC) has once again captured the world's attention by breaking through the $45,000 mark, a milestone it last achieved nearly two years ago. The cryptocurrency's extraordinary ascent has been fueled by mounting anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) within the next few days.

Meanwhile, data from CryptoQuant reveals a significant development in the cryptocurrency market: the reserves of Bitcoin (BTC) held by crypto miners have dropped to their lowest levels since May, 2023. This decline follows a series of withdrawals by miners in the last week, signaling increased selling pressure within the cryptocurrency market. Despite this trend, Bitcoin recorded a robust gain of over 13% in December.

Bitcoin Surges Past $45,000 Amidst Anticipation of Spot Bitcoin ETF Approval

The crypto market leader has begun the year 2024 with a roaring rally, breaching the $45,000 mark for the first time in nearly two years. This impressive surge comes as the cryptocurrency market braces itself for a potential green light from the SEC to launch a spot Bitcoin ETF in the coming days.

Bitcoin's Remarkable Ascent

The world's most popular cryptocurrency has exhibited a meteoric rise over the past few days. Starting the year at $42,000, Bitcoin has experienced an extraordinary 6% surge in just 24 hours. Over the course of the past year, its value has skyrocketed by an astonishing 170%, based on data from CoinMarketCap. Notably, this recent price surge has propelled Bitcoin to levels surpassing any seen throughout the entirety of 2023, marking an impressive new annual high within the first two days of 2024.

Spot Bitcoin ETF Anticipation

The driving force behind Bitcoin's recent rally can largely be attributed to the growing excitement surrounding the potential approval of a spot Bitcoin ETF by the SEC. Currently, there are 14 outstanding applications awaiting the regulator's decision. If granted approval, these ETFs would offer a regulated and more accessible investment avenue for institutional and retail investors alike, potentially transforming the cryptocurrency landscape.

A Look Back to 2022

To find the last time Bitcoin reached and traded above the $45,000 threshold, one must rewind the clock nearly 20 months to April 5, 2022. On that historic day, Bitcoin reached a closing price of $45,241. However, this euphoria was relatively short-lived, as Bitcoin subsequently entered a prolonged bear market that saw its value plummet to as low as $15,600, according to TradingView data.

Differing Expert Opinions

The impending decision on spot Bitcoin ETFs has led to divergent opinions among market commentators regarding its potential short-term effects. Analysts from, a crypto options trading platform, suggest that Bitcoin may not experience a significant immediate rally upon approval due to declining implied volatility in Bitcoin options.

On the other side of the spectrum, traders like Scott Melkor, who boasts a substantial following of 925,000 enthusiasts, are much more optimistic. Melkor asserts that Bitcoin is currently forming a "bull pennant" following a month of price consolidation around the $40,000 mark. He predicts that, in the days following a possible SEC approval, Bitcoin could surge as high as $54,000.

A Long-Term Vision

Taking a more measured approach, Gabor Gurbacs, an advisor for VanEck, offers a perspective that extends beyond the immediate impact of a spot Bitcoin ETF approval. While acknowledging that the early days of such an ETF might be viewed as a "letdown" by broader market standards, Gurbacs remains optimistic about the long-term outlook. He anticipates that these ETFs will eventually attract trillions of dollars in inflows over the next few years, emphasizing the potential for Bitcoin to solidify its status as a mainstream investment asset.

As 2024 kicks off, the cryptocurrency market is buzzing with excitement, thanks to Bitcoin's dramatic surge to levels unseen in nearly two years. All eyes are now trained on the SEC, which holds the power to reshape the cryptocurrency landscape by granting approval for a spot Bitcoin ETF. As experts continue to diverge in their opinions on the short-term and long-term effects of this development, one thing remains certain: Bitcoin's journey continues to captivate investors and enthusiasts alike, providing a thrilling start to the new year and promising a year of further exploration into the world of digital assets.

Crypto Miners' Bitcoin Reserves Hit Lowest Levels Since May Amid Selling Pressure

Data from CryptoQuant reveals that the reserves of Bitcoin (BTC) held by crypto miners have dipped to their lowest levels since May. This decline follows a series of withdrawals by miners in recent days, signaling increased selling pressure within the cryptocurrency market. Despite this trend, Bitcoin has recorded a robust gain of over 13% in December.

Understanding Miner Reserves

Miner reserves provide valuable insight into the number of coins held within wallets affiliated with cryptocurrency miners. A decrease in these reserves typically indicates that miners are transferring their holdings to crypto exchanges, often a prelude to selling their assets.

Months of Decline

The decline in miner reserves began to manifest in late October last year and has accelerated in recent weeks. As of the latest data, miners now hold approximately 1.832 million BTC, down from the high of 1.845 million recorded in October. This steady decrease suggests that miners are actively participating in the cryptocurrency market, potentially capitalizing on the surging Bitcoin prices.

Significant Sell-Off

Ali Martinez, a prominent figure within the crypto community, pointed out in a recent social media post that miners have already collectively sold around 3,000 BTC. This translates to a staggering $136 million at the current trading price of approximately $45,347 per BTC.

Net Outflow Signals Reduced Supply

Data tracking the net flow of Bitcoin on Dec. 28 indicated a negative value of minus 1,524 BTC. This figure signifies that withdrawals from wallets exceeded the creation of new Bitcoin, resulting in a net outflow. Such occurrences can have a profound impact on supply dynamics within the cryptocurrency market, potentially influencing price movements.

Anticipation of Bitcoin Halving

Analysts and enthusiasts are keenly monitoring Bitcoin's supply dynamics, particularly in light of the upcoming halving event scheduled for April this year. During this event, miner rewards will be reduced from 6.25 BTC per block to 3.125 BTC. Experts speculate that this impending halving could trigger a supply shock, leading to increased scarcity and potentially driving Bitcoin's price to new heights. Some predictions even place the cryptocurrency at a staggering $160,000, should this scenario materialize.

Price Overview

Daily chart for BTC/USDT (Source: TradingView)

BTC managed to break above the strong $44,500 resistance level over the past 24 hours, and continued to trade above this threshold at press time. Should the leading cryptocurrency close today’s trading session above this barrier, it may continue to rise in the following couple of days.

This bullish thesis may be invalidated if BTC closes today’s daily candle below $44,500. In this alternative scenario, the market leader may see its price fall to $42,560. Thereafter, continued sell pressure could drag BTC’s value all the way down to $40,900.

Technical indicators on BTC’s daily chart supported a bullish outlook. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish at press time. The RSI line crossed above the RSI Simple Moving Average (SMA) line over the past 48 hours. This bullish technical flag is generally seen as a sign that buyers have grown stronger against sellers, and may lead to an increase in price in the short term.

In addition to this, traders and investors will want to keep an eye on the MACD indicator, as the MACD line is attempting to break above the MACD Signal line. An intersection between these two lines could suggest a continuation of BTC’s bullish trend.