Bitcoin Gains Momentum: Hits High of $48,200 with a Positive ETF Market Outlook
Summary:
The price of Bitcoin has seen a 6.28% increase over the last 24 hours, hitting an intra-day high of $48,200 on February 9, suggesting the potential to surpass its previous ETF approval high of over $49,000. The bullish signal was indicated by the SuperTrend tool, which along with rallying spot Bitcoin ETF shares and on-chain data, favors traders with a bullish bias. Institutional investors' influx and the anticipated halving event due in April also contribute to Bitcoin's optimistic outlook.
Over the past day, Bitcoin has experienced a growth of 6.28%, reaching an intra-day apex of $48,200 on February 9. Technical factors, escalating spot Bitcoin ETF shares, and on-chain figures indicate that Bitcoin (BTC) possesses the potential to surpass its post-Bitcoin ETF approval peak of over $49,000. The Bitcoin SuperTrend tool provides a rare buying signal, demonstrating a bullish shift as it switched from red to green and positioned beneath the $44,600 price on February 8. This instrumental tool mimics the moving averages by overlaying the graph and tracing Bitcoin's trend. The tool takes into account the average true range (ATR), aiding traders by identifying market tendencies. Past green signals have consistently been followed by significant Bitcoin rallies in 2013, 2017, and 2021. The SuperTrend tool indicates that the market trajectory is likely to favor traders when displaying a bullish bias. As the BTC price soared over $47,000 on February 9th, Bitcoin's ETF shares have seen an average growth of approximately 4%. Global X Blockchain & Bitcoin Strategy ETF, BITS, underwent the most gain, seeing a rise of 6.6% in the past day, as reported by Coinglass. Regarding Bitcoin ETF flows, Blackrock’s iShares Bitcoin Trust (IBIT) remains at the top with total inflows of $3.23 billion as of February 8 according to Bloomberg data. Second is the Fidelity Wise Origin Bitcoin Fund (FBTC) with inflows of $2.8 billion, followed by Bitwise Bitcoin ETF (BIBT) and ARK 21Shares Bitcoin ETF (ARKB) with $696 million and $695 million in total inflows. For nine consecutive days, the total BTC ETF inflows have exceeded Grayscale's Bitcoin Trust's GBTC's net outflows. As of February 8, Bitcoin ETFs saw $403 million net inflows compared to Grayscale who only sold about $100 million worth of Bitcoin. This uptick in Bitcoin ETF share prices and the favorable net inflow arrive as Bitcoin's price movement is anticipated to spur a bull run. According to data from IntoTheBlock, Bitcoin finds support around the $42,500 demand region. The In/Out of the Money Around Price (IOMAP) model signifies that this point lies between the $41,526 and $42,942 price brackets, where an estimated 1.01 million BTC was previously purchased by around 2.61 million addresses. On observing the daily BTC/USD chart, this is where the 50-day exponential moving average (EMA) currently lies, offering a robust defense line for buyers. Technically, the relative strength index maintained its upward trajectory with the price strength at 71 favoring the purchaser's predominance in the market. Short-term traders are setting their Bitcoin price targets within the $48,000 to $50,000 range. Other elements bolstering Bitcoin's 2024 upside comprise the influx of institutional investors and the anticipated halving event due in April of this year. This article does not endorse or promote any investments or trading moves. Investment and trading involve risk, and it is advised for readers to conduct their own comprehensive research prior to making any decisions.
Published At
2/9/2024 10:32:06 PM
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