Bitcoin bulls are trying hard to break loose from a stubborn BTC price trading range. Bitcoin neared $45,500 after the Feb. 8th Wall Street open as bullish continuation brought the highest BTC price levels in a month.
Shorts fail to suppress a new Bitcoin price advance
Data from TradingView tracked ongoing strength in BTC/USD, which built on the previous day’s gains.The pair was up 2.5% on the day at the time of writing, setting a precedent for strong moves on major altcoins.
Concerns had centered on the role of leveraged traders in sparking the upside, with open interest increasing by nearly $1 billion in less than 24 hours on Bitcoin alone. Despite this, the market looked eager to recoup more of the ground lost during the descent from two-year highs of $49,000 on Jan. 11.
“Close the day above $45k and this goes a lot higher. Patience remains the name of the game,” popular trader Jelle told subscribers on X (formerly Twitter).
Fellow trader Credible Crypto focused on the lack of impact that sellers were having on the market.
“All signs pointing to overly aggressive shorts that are failing to have much of an effect on price,” part of his latest X post read.
Trader Bagsy meanwhile suggested that those who sold BTC at the launch of the United States spot Bitcoin exchange-traded funds (ETFs) last month would now be seeking a reentry. Zooming out, financial commentator Tedtalksmacro highlighted $43,800 as an important level to hold in the event of a BTC price retracement. BTC/USD should also continue to hold its 50-day exponential moving average (EMA), he added, with this currently sitting at $42,330.
“Ultimately, if we are bullish, I don’t think $41,800-$42,000 should be tested again or we should lose that level,” he explained in his latest YouTube video.
Altcoin price action heats up
Of particular note at the time of writing were Binance Coin and Cardano, which were up around 8.5% and 10.5%, respectively. Largest altcoin Ether traded near $2,450, having gained nearly 7% in the past week.
Commenting on the action, popular trader and analyst Rekt Capital suggested that altcoins on aggregate could be about to witness a “historic breakout.”
“This $ETH breakout may serve as fuel for the next phase of Altcoin rallies,” he added in another of the day’s X posts. Vying for the crown of best intraday performance meanwhile, were several of the top ten altcoins by market cap.