Bitcoin (BTC) surged towards $45,500 following the opening of Wall Street on February 8, as bullish momentum propelled the cryptocurrency to its highest price levels in a month.
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BTC price continues to rise despite shorts’ efforts
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is showing strong momentum and building on previous gains.
The pair has risen 2.5% at the time of writing, setting a precedent for other major altcoins to follow suit.
Some concerns have been raised about the role of leveraged traders in driving the price up, as open interest has increased by almost $1 billion in less than 24 hours for Bitcoin alone.
However, the market seems determined to regain ground lost during the decline from its two-year high of $49,000 on January 11th.
Popular trader Jelle advised subscribers on X (formerly Twitter) to “close the day above $45k and this goes a lot higher.” Patience is key, he added.
Meanwhile, fellow trader Credible Crypto noted that sellers seem to be having little effect on the market, suggesting that shorts may be overly aggressive.
Trader Bagsy believes that those who sold BTC when the United States spot Bitcoin exchange-traded funds (ETFs) were launched last month may now be looking to re-enter the market.
On a larger scale, financial commentator Tedtalksmacro emphasized the importance of the $43,800 level in the event of a BTC price retracement. He also noted that the 50-day exponential moving average (EMA) at $42,330 should continue to hold if the market remains bullish.
“Ultimately, if we are bullish, I don’t think $41,800-$42,000 should be tested again or we should lose that level,” he explained in his latest YouTube video.
Altcoin market heats up as Binance’s BNB and Cardano’s ADA see significant gains
At the time of writing, the altcoin market was buzzing with activity, with Binance’s BNB and Cardano’s ADA rising by 8.5% and 10.5% respectively. The largest altcoin, Ether (ETH), also saw a 7% increase in the past week, trading at around $2,450.
Renowned trader and analyst Rekt Capital believes that this could be the start of a “historic breakout” for altcoins. In fact, he suggests that ETH’s recent breakout could serve as a catalyst for the next phase of altcoin rallies.
In the top 10 altcoins by market capitalization, several were vying for the title of best intraday performance. This further adds to the excitement surrounding the altcoin market.
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