Bitcoin Shorts Prepare for a Squeeze as BTC Price Targets $50K

Crypto Weekly: Bitcoin (BTC) Continues to Fight for Global Dominance

As the Wall Street open on February 9th approached, Bitcoin (BTC) seemed to take a breather, with only a 6% gain in the past 24 hours. This pause in momentum has sparked discussions about what to buy in the crypto market and the differences between Web 1.0, 2.0, and 3.0.

While some may argue that the current state of crypto is similar to Web 1.0, others believe that it is evolving into a more advanced version, similar to Web 2.0. However, with the rapid growth and global impact of cryptocurrencies, it is clear that we are entering the era of Web 3.0.

As the fight for crypto dominance continues, exchanges like Binance and regions like Asia are becoming key players in shaping the future of this market. Stay tuned for more updates on the differences between Web 1.0, 2.0, and 3.0 and how they relate to the ever-changing world of cryptocurrency.

The Risks of Shorting Bitcoin: Analysis Warns Traders

Cointelegraph Markets Pro and TradingView data show that BTC’s price has retraced after hitting $47,700.

The spot market-driven move has shown no signs of slowing down as it continues to climb during Asia and United States trading sessions.

At the time of writing, the price is hovering around $47,400, still at its highest level since late 2021. This week’s performance has also marked Bitcoin’s strongest showing since October of last year.

Well-known trader Jelle commented on the current situation, saying, “As expected, there has been a strong bounce from the midrange, and BTC is once again approaching $48,000.”

Jelle also referred to this price range as a “moment of truth.”

However, fellow trader Skew warned that the market would likely remain “pretty volatile” throughout the day.

On the other hand, Keith Alan, CEO and co-founder of trading resource Material Indicators, provided a more cautious outlook. He pointed out that there is significant sell-side liquidity just below the two-year range highs and $50,000.

He advised, “Before you FOMO into BTC at this level, consider this: there is approximately $175M in BTC ask liquidity (also known as resistance) between here and $50k, while there is only around $50M in bid support down to $43k.”

However, Alan did mention that a weekly close above $45,000 would be beneficial for bulls. He also warned that if whales manage to push the price above $50,000, there is little resistance up to $55k, which could be detrimental for those holding short positions.

Accompanying this analysis is a chart that displays the buy and sell liquidity, as well as the cumulative volume delta (CVD) on the BTC/USDT order book of the world’s largest exchange, Binance.

Crypto Weekly: Spot Bitcoin ETF Inflows Impress

In the ongoing battle of crypto, the newly launched U.S. spot Bitcoin exchange-traded funds (ETFs) have made a strong impression on bullish investors.

The Grayscale Bitcoin Trust (GBTC) experienced expected outflows, while the cumulative netflows among the remaining nine ETFs on the previous day were the third-highest since their launch on January 11th, according to data from Bloomberg Intelligence ETF analyst James Seyffart on X platform.

As reported by Cointelegraph, the ETFs from BlackRock and Fidelity Investments have had the most successful first month of trading for any ETF product in the past thirty years.