Home Coin news Bitcoin Hits $45,000 Amid Altcoin Boost

Bitcoin Hits $45,000 Amid Altcoin Boost

08 Feb, 2024 Coin news

Bitcoin Hits $45,000 Amid Altcoin Boost

Bitcoin approached $45,500 following the Wall Street open on February 8th as bullish momentum pushed BTC prices to their highest levels in a month.

Data from TradingView reflected ongoing strength in BTC/USD, building upon gains from the previous day.

At the time of reporting, the pair had risen by 2.5%, setting a precedent for significant moves in major altcoins.

Concerns arose regarding the role of leveraged traders in driving the upward movement, as open interest surged by nearly $1 billion in less than 24 hours for Bitcoin alone.

Nevertheless, the market seemed determined to regain more of the ground lost since descending from its two-year highs of $49,000 on January 11th.

Popular trader Jelle advised subscribers on X (formerly Twitter), stating, "Closing the day above $45k could lead to further gains. Patience is key."

Fellow trader Credible Crypto highlighted the limited impact sellers were having on the market.

He noted, "All indications suggest that aggressive shorts are failing to significantly affect prices," in his latest X post.

Trader Bagsy suggested that those who sold BTC during the launch of the United States spot Bitcoin exchange-traded funds (ETFs) last month might now be looking to reenter the market.

In a broader perspective, financial commentator Tedtalksmacro emphasized the importance of maintaining the $43,800 level in the event of a BTC price retracement.

He also emphasized the significance of BTC/USD holding its 50-day exponential moving average (EMA), which currently stands at $42,330.

"If we maintain a bullish outlook, we should avoid retesting $41,800–$42,000 or losing that level," he explained in his recent YouTube video.

At the time of writing, Binance's BNB and Cardano showed significant gains of around 8.5% and 10.5%, respectively.

Ethereum, the largest altcoin, traded near $2,450, with nearly a 7% increase over the past week.

Renowned trader and analyst Rekt Capital suggested that the recent breakout in ETH could fuel a new phase of altcoin rallies.

"This breakout in ETH may act as a catalyst for the next wave of altcoin surges," he noted in another X post of the day.

Several of the top 10 altcoins by market capitalization were vying for the title of the best intraday performance.

Sources:

https://cointelegraph.com/news/bitcoin-price-nears-45-5-k-altcoins-historic-breakout

https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE

https://twitter.com/CredibleCrypto/status/1755557702040715267

https://twitter.com/Bagsy/status/1755620022012059758

https://twitter.com/rektcapital/status/1755618928926376198

https://twitter.com/rektcapital/status/1755617199686136067

https://twitter.com/52kskew/status/1755589233845399835

https://twitter.com/CryptoJelleNL/status/1755621679806525766

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