Bitcoin (BTC) surged to $43,500 against liquidity after the Wall Street opening on February 6, while attention shifted towards Ether (ETH). BTC’s price movement mirrored previous patterns within a narrow intraday range. Despite reaching new highs of $43,515 on Bitstamp, BTC/USD lacked direction and traders turned to Ether, the largest altcoin. Michaël van de Poppe, founder and CEO of MN Trading, noted that Bitcoin remained in between levels. Analysts speculated that ETH/USD could follow a similar move that led to 18-month highs last month. Altcoins, in general, were experiencing consolidation within a narrowing wedge construction, with the potential for a breakout to kickstart the Q1 Altcoin Hype Cycle. In the United States, Bitcoin exchange-traded funds (ETFs) recorded their seventh consecutive day of net inflows, with outflows from the Grayscale Bitcoin Trust (GBTC) lower than the previous week. This was seen as a positive development for leader BlackRock but a slower day for other ETF providers. It’s important to note that this article does not provide investment advice or recommendations.
Analysis suggests that Ethereum's price could experience a resurgence similar to its $2.7K spike in January, amid a cooling period for Bitcoin.
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