The heightened activity among large investors suggests growing confidence in the value of Bitcoin, particularly as the halving event approaches. Additionally, historical trends indicate that Bitcoin often sees gains during the Chinese New Year period, coinciding with the S&P 500 reaching historic highs.
The token jumped 5.8% to scale $42,000 on Monday and was just below that level in morning Asian trading on Tuesday. In contrast, gauges of global shares and bonds are nursing losses since the start of the week.
The immediate resistance levels for Bitcoin on the upside are located around US$27,650 and subsequently US$28,000. A decisive breakthrough above the US$28,000 resistance level could trigger another bullish run
Beyond the SpaceX announcement, other influencing factors also have played a role in shaping up the recent market trends. One noteworthy factor is the waning interest in Bitcoin Exchange-Traded Funds (ETFs). Additionally, macroeconomic factors, such as global economic conditions and governmental policies, are exerting their influence on the cryptocurrency space