Bitcoin took aim at January highs on Feb. 9 as bulls beat out overhead resistance.
Analysis sees continued bid for Bitcoin, stocks
Data from Cointelegraph Markets Pro and TradingView captured a fresh BTC price uptick to $46,365 on Bitstamp.
Up over 2% since the daily close, BTC/USD dealt with increasing sell-side liquidity as it returned to levels not seen since the launch of the United States spot Bitcoin exchange-traded funds (ETFs).
These formed a key argument supporting BTC price upside, with net inflows for nine consecutive days and outflows from the Grayscale Bitcoin Trust (GBTC) staying lower.
Bitcoin’s move also came in tandem with a historic one for U.S. stocks. The S&P 500 hit 5,000 points on the day — the first trip to a significant psychological level ever.
“Since the October 27th low, the S&P 500 is now up ~900 points,” trading resource The Kobeissi Letter wrote in part of a reaction on X.
“This means that the S&P 500 has added nearly $8.5 TRILLION in market cap in just over 3 months. Truly a historic run for stocks.”
In its latest market update on Feb. 8, trading firm QCP Capital suggested that the uptrend on both stocks and crypto could well continue to play out.
“It is likely that any dip in equities will continue to be bought as underallocated investors chase returns,” it reasoned.
“On the back of this bullish sentiment, BTC and ETH are likely to follow, coupled with the BTC halving and ETH spot ETF narratives.”
BTC price range top on horizon
Looking to the immediate future, Keith Alan, co-founder of trading platform Material Indicators, noted the need to avoid wicks below the 50-day simple moving average, currently at just over $43,000.
“BTCUSD 40K horizontal support held on a weekly closing basis,” popular trader Aksel Kibar wrote in his own analysis of higher timeframes.
“Trend channel is intact. Upper boundary acts as resistance around 48-49K.”
Kibar touched on the still-persisting BTC price range now in place for more than 150 days, with January’s post-ETF highs as its ceiling.
As Cointelegraph reported, various theories have recently emerged as to how this may fall into April’s block subsidy halving.
Source : Cointelegraph by William Suberg / Feb 9, 2024