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Bitcoin Nears First Red Week in a Month as Rally Loses Steam - BLOOMBERG

FEBRUARY 24, 2024

BY Elijah Nicholson-MessmerBloomberg News

, Bloomberg

(Bloomberg) -- A resurgence in retail trading has sent the price of Bitcoin to a recent high of about $52,000. But the current rally may be losing steam, with the largest cryptocurrency on track for its first red week in over a month.

Bitcoin is down about 1.8% for the week as of 2:15 p.m. in New York on Friday. If the trend continues, it will be the first negative week for Bitcoin since its current rally began in late January. Retail investors enthusiastic about the recent approval of spot Bitcoin exchange-traded funds and the next halving event — which will cut the supply of newly minted Bitcoin in half — have driven up the price of the asset by 25% in recent weeks.

Strategists at JPMorgan Chase & Co. on Thursday wrote that the halving is likely reflected in the current price of Bitcoin already, even though the change is not set to happen until sometime in April.

“Bitcoin bulls are pausing for breath after an impressive 4-weeks of gains. After such a strong rally, a bout of profit-taking is to be expected,” said Fiona Cincotta, senior financial markets analyst at City Index Ltd. “However, with the April halving event coming into view, which slows supply, Bitcoin could soon find its mojo again.”


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