Bitcoin price rose 6.28% in the past 24 hours, hitting an all-time high of $48,200 on February 9th. Considering this performance, technical indicators, rising Bitcoin ETF stock and on-chain data, the strength for Bitcoin (BTC) to revisit post-Bitcoin ETF approval highs above $49,000.
Traders say Bitcoin Supertrend indicator shows rare buy signal
Bitcoin’s monthly chart shows that the Supertrend indicator flipped from red to green and flashed a bullish signal when it fell below the price of $44,600 on February 8th.
This index is overlaid on the chart, tracking the trend of BTC like a moving average. The calculation incorporates the Average True Range (ATR) to help traders identify market trends.
Following previous confirmations by this indicator, 2013, 2017, and 2021 saw Bitcoin gains of 1,336%, 1,9384%, and 713%.
According to this indicator, as long as the indicator is green and below price, price momentum tends to favor traders with a bullish bias.
Spot Bitcoin ETF stocks continue to rise
Bitcoin ETF stocks rose by an average of about 4% on February 9th as the price of Bitcoin exceeded $47,000.
BITS, the Global
In terms of spot Bitcoin ETF inflows, BlackRock’s iShares Bitcoin Trust (IBIT) topped the list with total inflows of $3.23 billion as of February 8, according to Bloomberg data. Maintained.
Fidelity Wise Origin Bitcoin Fund (FBTC) took second place with total inflows of $2.8 billion. Bitwise Bitcoin ETF (BIBT) and ARK 21Shares Bitcoin ETF (ARKB) were in third and fourth place with total inflows of $696 million and $695 million as of February 8th. There is.
What’s important to note is that for the 9th day in a row, total inflows to the BTC ETF have exceeded Grayscales Bitcoin Trust’s net outflows from GBTC.
yesterday’s spot #bitcoin The ETF had net inflows of $403 million.
Grayscale, on the other hand, only sold around $100 million worth of BTC.
It is not a good idea to be bearish now. pic.twitter.com/1vlFcJExJ3
— DeFi Investor (@TheDeFinvestor) February 9, 2024
This Bitcoin ETF stock price increase and positive net flows come at a time when Bitcoin price movements are expected to lead to a bull market.
Related: Bitcoin price approaches $45,000 as altcoins signal ‘historic breakout’
Bitcoin finds support in $42,500 zone
IntoTheBlock data shows that Bitcoin is finding support near the $42,500 demand zone. The In/Out of Money Around Price (IOMAP) model, which shows information about addresses that purchased assets within a specific price range, shows that this level is in the price range of $41,526 to $42,942, and was previously around 1.01 million BTC had been purchased. Approximately 2.61 million addresses.
Looking at the daily chart of BTC/USD, we can see that it is currently located at the 50-day exponential moving average (EMA), providing a strong line of defense for the bulls.
From a technical perspective, the Relative Strength Index maintained its upward trajectory, with price strength of 71 supporting buyers’ advantage in the market.
In the short term, traders appear to be targeting Bitcoin price in the $48,000 to $50,000 zone.
Other factors driving Bitcoin’s rise in 2024 include an influx of institutional investors and the expected halving event in April of this year.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
