Bitcoin enthusiasts are eagerly eyeing a potential surge to a new year-to-date high. Cointelegraph delves into the factors fueling this upward momentum in the BTC price.<\/p>\n\n\n\n
Bitcoin’s price has surged by 6.28% over the past 24 hours, reaching an intraday peak of $48,200 on February 9. Supported by technical indicators, a rallying spot Bitcoin exchange-traded fund (ETF), and on-chain data, Bitcoin’s strength suggests the possibility of revisiting the post-Bitcoin ETF approval high above $49,000.<\/p>\n\n\n\n
Bitcoin SuperTrend Indicator Shows Rare Buy Signal<\/p>\n\n\n\n
The SuperTrend indicator on Bitcoin’s monthly chart recently flashed a bullish signal as it transitioned from red to green, moving below $44,600 on February 8. This indicator, which overlays the chart and tracks BTC’s trend like moving averages, incorporates the average true range to help traders identify market trends.<\/p>\n\n\n\n
Historically, previous confirmations from this indicator preceded significant rallies for Bitcoin, including increases of 1,336%, 1,9384%, and 713% in 2013, 2017, and 2021, respectively. As long as the index remains green and stays below the price, it suggests favorable momentum for traders with a bullish bias.<\/p>\n\n\n\n
Rallying Spot Bitcoin ETF Shares<\/p>\n\n\n\n
Bitcoin ETF shares have witnessed a surge, with an average gain of approximately 4% as Bitcoin’s price surpassed $47,000 on February 9. Notably, the Global X Blockchain & Bitcoin Strategy ETF saw the highest increase, rising by 6.6% over the past 24 hours. In terms of spot Bitcoin ETF inflows, BlackRock\u2019s iShares Bitcoin Trust leads with a total of $3.23 billion, followed by the Fidelity Wise Origin Bitcoin Fund with $2.8 billion in inflows.<\/p>\n\n\n\n
Bitcoin Finds Strong Support Around $42,500<\/p>\n\n\n\n
Data from IntoTheBlock indicates that Bitcoin has found substantial support around the $42,500 demand zone. The “in\/out of the money around price” (IOMAP) model reveals that approximately 1.01 million BTC was previously bought by roughly 2.61 million addresses in the $41,526\u2013$42,942 price range. Additionally, this level coincides with the 50-day exponential moving average on the BTC\/USD daily chart, further reinforcing it as a robust support level for bulls.<\/p>\n\n\n\n
Technically, the relative strength index maintains its upward trajectory, with a price strength of 71 supporting the buyer’s dominance in the market.<\/p>\n\n\n\n
In the short term, traders are setting their sights on Bitcoin price targets in the $48,000\u2013$50,000 range, driven by factors such as institutional investor influx and the anticipated halving event in April.<\/p>","protected":false},"excerpt":{"rendered":"
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