Bitcoin price nears $45.5k as altcoins hit ‘historic breakout’
Bitcoin (BTC) hit its highest BTC price level in a month since the February 8 Wall Street open.
The shorts failed to suppress the new BTC price advance
Data from Cointelegraph Markets Pro and TradingView tracked the continued strength in BTC/USD, which is what they found the previous day.
The pair is up 2.5% on the day at the time of writing, setting the stage for strong moves in major altcoins.
Concerns centered on the role of wealthy traders in triggering the outcry, with open interest in Bitcoin increasing by nearly $1 billion in less than 24 hours.
Even so, the market appears eager to regain more of the ground it lost from its January 11 two-year high of $49,000.
$BTC Interestingly, this brings volatility one way or another
MMS has the option to set a price for everyone and milk it or support a wider movement pic.twitter.com/cSTLGcJ41O
— Skew Δ (@52kskew) February 8, 2024
Close the day over $45k and that's pretty high. Patience continues to be the name of the game,” noted trader Jelle told subscribers on X (formerly Twitter).
The credibility of fellow traders focused on the lack of influence of crypto sellers on the market.
The latest part of X's post is “All signs point to very aggressive shorts that could have a lot of impact on prices.”
More of the same.
As OI continues to grow and premiums continue to rise, funding will be pushed back so that it returns directly to the bottom.
All signs point to overly aggressive shorts that may not have much impact on price.
Please keep pushing $BTC. pic.twitter.com/eQXgKvrPeH
— CrediBULL Crypto (@CredibleCrypto) February 8, 2024
Trader Bagsy, on the other hand, suggested that those who sold BTC during the US launch last month may now want to try Bitcoin exchange-traded funds (ETFs) again.
Highlighting, financial analyst Tedtalksmacro highlighted $43,800 as an important level for BTC's price correction.
BTC/USD should also continue to hold the 50-day exponential moving average (EMA), which currently sits at $42,330, he added.
“Ultimately, if we are bullish, I don't think $41,800–$42,000 should be retested or we have to miss that level,” he explained in his new YouTube video.
Altcoin price action heats up
Of particular note at the time of writing are Binance's BNB (BNB) and Cardano (ADA), which are up 8.5% and 10.5% respectively.
Related: 3 Bitcoin Price Predictions Calling New All-Time Highs and More in 2024
The largest altcoin, Ether (ETH), has gained nearly 7% in the past week, trading around $2,450.
Commenting on the move, prominent trader and analyst Rect Capital suggested that altcoins could face a “historic crash” in total.
“This ETH breakout could serve as fuel for the next Altcoin rally,” he added in other X posts of the day.
Competing for the day's best-performing crown, meanwhile, were several among the top 10 altcoins by market capitalization.
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.
