3 key Bitcoin price indicators hint at a BTC gain of over $48k
Bitcoin price has increased 6.28% in the last 24 hours and hit an intraday high of $48,200 on February 9th. Given this performance, technical indicators, rallying point Bitcoin ETF stocks, and on-chain data suggest that Bitcoin (BTC) has strength to revisit post-Bitcoin ETF confirmation above $49,000.
Traders say that the Bitcoin SuperTrend indicator is showing a rare buy signal
Bitcoin's monthly chart shows the SuperTrend indicator flipping from red to green, flashing a bullish signal and moving below the February 8 price of $44,600.
This index overlays the chart while tracking the trend of BTC as moving averages. It includes Average True Range (ATR) in the calculations, which helps traders identify market trends.
Previous confirmations from the indicator followed Bitcoin's 1,336%, 1,9384% and 713% rallies in 2013, 2017 and 2021 respectively.
According to the indicator, as long as the indicator is green and stays below the price, the price movement biases traders with a bullish bias.
Spot Bitcoin ETF shares continue to rally.
When the price of Bitcoin rose above $47,000 on February 9, Bitcoin ETF shares gained about 4% on average.
Global X Blockchain & Bitcoin Strategy ETF, BITS, gained the highest, increasing 6.6% in the last 24 hours, according to data from Coinglass.
In terms of spot Bitcoin ETF inflows, BlackRock's iShares Bitcoin Trust (IBIT) holds the top spot in fund inflows totaling $3.23 billion since February 8, according to Bloomberg data.
The Fidelity Wise Origin Bitcoin Fund (FBTC) is second with total revenue of $2.8 billion. Bitwise Bitcoin ETF (BIBT) and ARK 21Shares Bitcoin ETF (ARKB) tied for third place with total revenue of $696 million and $695 million as of February 8, respectively.
The key thing to note is that total inflows for BTC ETFs have exceeded net outflows from Grayscales Bitcoin Trust GBTC for nine days in a row.
Yesterday Spot #Bitcoin ETFs saw net income of $403m.
Grayscale BTC price ~$100M when sold.
Not a good idea to be bold right now imo. pic.twitter.com/1vlFcJExJ3
— The DeFinvestor (@TheDeFinvestor) February 9, 2024
This increase in the value of Bitcoin ETF shares and the positive net flow comes as Bitcoin price movement is expected to lead to a bull run.
Related: Bitcoin price nears $45.5k as altcoins hit ‘historic break'
Bitcoin finds support in the $42,500 zone
Data from IntoTheBlock shows Bitcoin finding support around the $42,500 demand zone. The In/Out of the Money Around Price (IOMAP) model, which shows data for addresses that bought assets in a certain price range, shows that this level is in the price range of $41,526 to $42,942, which is roughly 1.01 million BTC bought earlier by approximately 2.61 million addresses.
Looking at the BTC/USD daily chart, one can see where the 50-day exponential moving average (EMA) is currently sitting, making it a strong line of defense for the bulls.
From a technical perspective, the relative strength index has maintained its upward trend and price strength at 71 supports the dominance of the buyer in the market.
In the short term, traders set their Bitcoin price targets in the $48,000 to $50,000 zone.
In the year Other factors driving Bitcoin's growth in 2024 include the influx of institutional investors and the expected halving in April of this year.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
