Bitcoin Nears All-Time High with Surging 6% Gain as U.S. Spot Bitcoin ETFs Echo Bullish Pattern
Summary:
Bitcoin (BTC) experienced a momentary pullback after reaching $47,700 on February 9, despite a notable 6% rise in 24-hour gains. The surge, propelled by spot markets, was the best performance since October the previous year. Analysts suggest that nothing major impedes a journey to a new all-time high once the $48,000 mark is surpassed. However, potential selling pressure near the two-year range high and $50,000 mark is observed. Meanwhile, U.S spot Bitcoin ETFs echo a bullish pattern with the Grayscale Bitcoin Trust continuing to witness expected outflows.
On February 9, Bitcoin (BTC) momentarily pushed back on immediate upside at the commencement of the Wall Street trading day, despite recording a 6% hike in 24-hour gains. Data sourced from Cointelegraph Markets Pro and TradingView revealed a temporary pullback in BTC value after attaining $47,700. This surge, propelled by spot markets, continued to rise almost without a break throughout the night, encountering little resistance during consecutive Asian and American trading periods. Notably, despite persistent volatility with $47,400 being the focal point, Bitcoin was eyeing its top levels from the end of 2021, marking its best week since October the previous year.
Jelle, a renowned trader, analyzed that the recent rise in Bitcoin price is a critical juncture, expected to reattempt the $48,000 mark, with nothing majorly impeding an journey to a new all-time high once this barrier is surpassed. Skew, another trader, cautioned to stay braced for potential volatility throughout the day.
On the other hand, Keith Alan, CEO and co-founder of Material Indicators, had a more reserved outlook, noticing potential selling pressure near the two-year range high and $50,000 mark. Nevertheless, he hinted that a weekly closing above $45,000 could favor bulls, with whales having the potential to intensify the market rally if Bitcoin surpasses $50,000, thereby putting short positions at a disadvantage.
U.S. spot Bitcoin ETFs continued to follow a bullish pattern as per the day's flow. The Grayscale Bitcoin Trust (GBTC) continued to witness expected outflows while the cumulative net flows of the remaining nine ETFs marked their third-highest since the launch on January 11, according to data provided by Bloomberg Intelligence ETF analyst, James Seyffart. Impressively, BlackRock and Fidelity Investment's ETFs recorded the most successful first month's trading in thirty years for any ETF product.
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Published At
2/9/2024 8:23:53 PM
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