Bitcoin Dips Below $40K Amid 'Cramer Effect'; Market Braces for Fed Decision and Long-Term Bullish Outlook

January 31, 2024
Bitcoin Dips Below $40K Amid 'Cramer Effect'; Market Braces for Fed Decision and Long-Term Bullish Outlook
  • Bitcoin's price has recently fallen below the $40,000 mark, influenced in part by the so-called 'Jim Cramer effect'.

  • Despite short-term volatility, QCP Capital offers a bullish long-term perspective for Bitcoin, highlighting the significance of the forthcoming quadrennial halving event set for April or May.

  • Ahead of the Federal Reserve's interest rate decision and Jerome Powell's speech on January 31, 2024, Bitcoin was trading at approximately $43,000, with traders bracing for potential market fluctuations.

  • Technical analysis suggests Bitcoin may encounter resistance near $44,500, with the cryptocurrency currently exhibiting a rangebound pattern over extended timeframes.

  • The Grayscale Bitcoin Trust experienced notable outflows, with about 8,000 BTC leaving the fund, while ETF flows remain a point of optimism compared to the rate of new bitcoin production.

  • Tezos shows promise with increased visibility through a partnership with Manchester United and projected growth, while Borroe Finance's successful presale indicates potential in the Web3 funding space.

  • Investors are cautioned to perform due diligence and seek professional financial advice before engaging in cryptocurrency investments.

Summary based on 25 sources


Get a daily email with more Crypto stories

Sources

More Stories