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Bitcoin stalls just short of 49,021

Bitcoin continued to advance in weekend trading. On Friday BTC had reclaimed 48k after the European close and it was quite a dynamic rise since Thursday. BTC had lifted from a session low that day, at 45,331. It has advanced further over the weekend, reaching a high very early on Sunday at 48,584. Hence, that has taken it even closer to the current 2024 high at 49,021 (January  11). That high came ahead of the granting of multiple ETF licences by the US SEC. The slide that followed was all about a Buy the Rumour, Sell the fact reaction to that news. The question now is do we take out 49,021 and if we do, where to next? The fact that BTC mining is due to half again soon and that will reduce the supply of new BTC. This halving event is due sometime in April and it is expected to be greeted by another rise in the price, as indeed it has in the past. This halving takes place every 4 years and reduces the mining reward each time. So, BTC has lifted a bit more earlier today, reaching a high at 48,804, but it has since backed off to below 48k this morning. The low seen so far has been set at 47,818. It is right now at 48,190

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