The Daily Crypto Podcast: Bitcoin Price Surges 6.28% in Crypto Market

Amidst the global crypto trend, Bitcoin (BTC) has seen a strong rally, with its price increasing by 6.28% over the last 24 hours. On Feb. 9, BTC reached an intraday high of $48,200, and technical indicators suggest that it has the potential to surpass its post-ETF approval high of $49,000.

Investors looking to keep up with the ever-changing crypto market can turn to the popular Grayscale Crypto ETF, which has been steadily climbing in value. As the fourth crypto to be approved for an ETF, BTC continues to attract attention and investment.

But with so many options in the crypto space, it can be overwhelming to know what to buy. However, with BTC’s current high and promising indicators, it remains a strong contender for investors seeking a reliable and profitable choice in the crypto market.

Experts Claim Bitcoin SuperTrend Indicator Shows Rare Buy Signal

A recent analysis of Bitcoin’s monthly chart has revealed a bullish signal from the SuperTrend indicator, which switched from red to green and dipped below $44,600 on Feb. 8.

This technical indicator, similar to moving averages, incorporates the average true range in its calculations to track BTC’s trend and assist traders in identifying market trends.

Past confirmations from the SuperTrend indicator have preceded significant rallies of 1,336%, 1,384%, and 713% for Bitcoin in 2013, 2017, and 2021, respectively.

Based on the indicator’s current status, as long as it remains green and below the price, traders can expect bullish momentum in the market.

The surge in spot Bitcoin ETF shares continues as Bitcoin price surpasses $47,000 on Feb. 9.

On average, Bitcoin ETF shares gained 4% in the past 24 hours, with Global X Blockchain & Bitcoin Strategy ETF leading the way with a 6.6% increase, according to Coinglass data.

Grayscale remains the top choice for investors, with its iShares Bitcoin Trust receiving $3.23 billion in fund inflows as of Feb. 8.

Following closely behind is the Fidelity Wise Origin Bitcoin Fund with $2.8 billion in inflows. The Bitwise Bitcoin ETF and ARK 21Shares Bitcoin ETF also saw significant inflows of $696 million and $695 million respectively.

Notably, for the past nine days, the total inflows for BTC ETFs have exceeded the net outflows from the Grayscale Bitcoin Trust.

This uptick in ETF shares and positive netflow coincides with the expected bull run in the crypto market. Stay updated on daily crypto trends with our podcast and discover which cryptocurrencies to invest in for potential high returns in the global market.

Bitcoin Continues to Gain Support in the $42,500 Range

Data analysis from IntoTheBlock reveals that Bitcoin is finding strong support around the $42,500 demand zone in the current crypto market. The “in/out of the money around price” (IOMAP) model, which tracks addresses that have purchased an asset within a specific price range, shows that this level falls within the $41,526-$42,942 range. This range has seen approximately 1.01 million BTC bought by 2.61 million addresses.

Upon examining the daily BTC/USD chart, it is evident that this level coincides with the 50-day exponential moving average, making it a crucial support level for the bulls.

From a technical perspective, the relative strength index continues to show an upward trend, with a current price strength of 71, indicating the dominance of buyers in the market.

In the short term, traders are setting their sights on the $48,000-$50,000 range for Bitcoin’s price targets.

Other factors contributing to Bitcoin’s upward momentum include the growing interest from institutional investors and the anticipated halving event in April 2024.

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