Bitcoin shorts should be patient to ‘squeeze’ as BTC price eyes $50k
Bitcoin (BTC) took a rain check at the February 9 Wall Street open as it hit a 24-hour gain of 6%.
Analysis warns that Bitcoin shorts are playing a dangerous game
Data from Cointelegraph Markets Pro and TradingView showed BTC price rebounding after reaching $47,700.
Action led by spot markets took a breather overnight as a series of Asian and US trading sessions did little to trouble bulls.
At the time of writing, volatility remains focused at $47,400, with Bitcoin still pushing its highs since late 2021. The week's performance also showed Bitcoin's strongest run since last October.
$BTC Spot Delta
As you can see, it is mostly space driven.
Each strong push did not back down, but instead continued upward. pic.twitter.com/js8VUQbm0i
— exitpump (@exitpumpBTC) February 9, 2024
In his latest analysis on X (formerly Twitter), noted trader Jelle wrote in part, “Strong advance from mid-range, $48,000 re-attack as expected.”
“Bitcoin's Last Hurdle to Overcome, Not Much Stop at New All-Time Highs After Breakout.”
Jelle also described the current price range as a “moment of truth.”
His colleague Skew, meanwhile, warned it would be “very volatile” throughout the day.
The $BTC market is still primarily driven by inflows and will need to attract more sellers for a positive drive.
Today can be very volatile pic.twitter.com/uTAxbEiXrE
— Skew Δ (@52kskew) February 9, 2024
More cautious on the immediate view, Keith Allan, CEO and founder of trading input Material Indicators, noted that sell-side liquidity is at a two-year high and below $50,000.
“At this stage, FOMO is something to consider before jumping into BTC. There is ~$175m of demand liquidity (resilience) in BTC stacked between here and $50k and ~$50m of bid support up to $43k.
But Allen suggested that a week above $45,000 would be beneficial for bulls, while whales could easily push the market higher if a $50,000 move were seen – hurting short positions.
“If you're thinking short-term, get ready to squeeze. If the whales can push above $50k, there's a bump up to $55k right now,” he said.
Buy and sell liquidity and aggregate delta or CVD on the BTC/USDT order book on Binance, the largest global exchange.
Spot Bitcoin ETF Earnings Impress
The day's flows among the newly launched US spot Bitcoin exchange-traded funds (ETFs), meanwhile, continued an encouraging narrative for bulls.
Related: 3 Bitcoin Price Predictions Calling New All-Time Highs and More in 2024
The Greyscale Bitcoin Trust (GBTC) saw its exit in line with expectations, ranking third among the remaining nine ETFs in cumulative net inflows since Jan. 11 to X, according to data posted by Bloomberg Intelligence ETF analyst James Seifert.
This is the team's third biggest grossing day since its inception. The first day was +$655 million and 1/17 was +$453. It's still a big day. pic.twitter.com/peUszfnrfZ
— James Seyff (@JSeyff) February 9, 2024
According to Cointelegraph, ETFs from BlackRock and Fidelity Investments recorded the first month of trading of any ETF product in the past thirty years.
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.
