Bitcoin took a rain check on a sudden upswing at the Wall Street open on February 9th as 24-hour gains reached 6%.
Data from Cointelegraph Markets Pro and TradingView illustrated BTC’s price trajectory retracting after hitting $47,700.
The move, fuelled by spot markets, barely paused overnight as consecutive Asia and United States trading sessions posed little challenge for bulls.
At the time of writing, attention focused on $47,400 as volatility persisted, with Bitcoin still assessing its highest levels since late 2021.
The week’s performance also marked Bitcoin’s strongest since last October.
“Strong bounce from the midrange, attacking $48,000 again, as expected,” popular trader Jelle wrote in part of his latest analysis on X (formerly Twitter).
“Last hurdle for Bitcoin to overcome, not much standing in the way of new all-time highs once it breaks.”
Jelle additionally described the current price range as a “moment of truth.”
Fellow trader Skew, meanwhile, cautioned that the entire day would likely remain “pretty volatile.”
More reserved about the immediate outlook was Keith Alan, CEO and co-founder of trading resource Material Indicators, who noted significant sell-side liquidity just below the two-year range highs and $50,000.
“Something to consider before you FOMO into BTC at this level.
There is ~£175M in BTC ask liquidity (aka resistance) stacked between here and $50k, and only ~£50M in bid support down to $43k,” part of his own X post read.
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Alan nonetheless suggested that a weekly close above $45,000 would benefit bulls, with whales easily able to drive the market higher should $50,000 be breached — to the detriment of short positions.
“If you are considering a short, be prepared to get squeezed. IF whales manage to push above $50k there is currently very little friction up to $55k,” he concluded.
An accompanying chart illustrated buy and sell liquidity and cumulative volume delta, or CVD, on the BTC/USDT order book of the largest global exchange, Binance.
The day’s movements among the newly launched U.S. spot Bitcoin exchange-traded funds (ETFs) continued an encouraging narrative for bulls.
The Grayscale Bitcoin Trust (GBTC) saw outflows as anticipated, while the previous day’s cumulative netflows among the remaining nine ETFs were the third-largest since their Jan.
11 launch, according to data uploaded to X by Bloomberg Intelligence ETF analyst James Seyffart.
As Cointelegraph reported, the ETFs from BlackRock and Fidelity Investments recorded the most successful first month’s trading of any ETF product in the past thirty years.
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