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.

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.

Bitcoin SuperTrend Indicator Shows Rare Buy Signal

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.

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.

Rallying Spot Bitcoin ETF Shares

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’s 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.

Bitcoin Finds Strong Support Around $42,500

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–$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.

Technically, the relative strength index maintains its upward trajectory, with a price strength of 71 supporting the buyer’s dominance in the market.

In the short term, traders are setting their sights on Bitcoin price targets in the $48,000–$50,000 range, driven by factors such as institutional investor influx and the anticipated halving event in April.

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