.png){kind=logo}
Spot Bitcoin exchange-traded funds (ETFs) began the first day of trading with a bag causing Bitcoin price to briefly spike toward $49,000. Grayscale, and Fidelity's EFTs came out on top with respect to total volumes.
Data from Yahoo Finance revealed that the total volume of the spot Bitcoin ETFs reached more than $4.5 billion for day one trading.
BlackRock's Bitcoin ETF, the iShares Bitcoin Trust (IBIT), was among the top performers of the newly-listed funds, handling just over $1 billion in volume — 22% of the group's total volume — per Yahoo Finance data.
At the top of the list was Grayscale's spot Bitcoin ETF which saw an impressive $2.3 billion in trading, representing 51% of the total volume traded. The investment vehicle is a conversion of its pre-existing Grayscale Bitcoin Trust.
In third place was Fidelity's spot Bitcoin ETF — FBTC — which witnessed some $712 million in day one trading volume.
It is important to note that trading volume includes inflows and outflows and doesn't paint a full picture of how much of the day's trading activity was buying versus selling.
As the spot Bitcoin ETFs began trading, crypto prices started turning up with the total crypto market capitalization jumping to $1.8 trillion, up 6.2% over the last 24 hours.
Bitcoin (BTC) soared as much as 5% from Jan. 11's opening at $46,740 to reach a high of $49,020. The price has since corrected to the current price of around $46,241.
The daily chart below shows that BTC's price has broken through the upper boundary of an ascending triangle at $44,300, confirming an upward breakout.
The position of the relative strength index at 61 in the positive region is a testament to the buyers' dominance in the market.
The upward movement of the EMAs added credence to Bitcoin's positive outlook. The triangle's target at $47,771 is just $3.34% away from the current price. Rising above this level would indicate the ability of the buyers to sustain higher levels.
Key levels to watch above that level are the $48,000 and the $50,000 psychological levels which traders expect BTC to move in the short-term.
BTC/USD daily chart
Conversely, the negative divergence from the RSI with respect to the price action suggests that the bears have not given up on pulling the price lower.
If bears decide to book profits at the current levels, the price may embark on a correction toward the triangle's horizontal trendline near $44,300 and later the lower trendline at $42,900 before sinking to the $40,000 psychological level.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
