Bitcoin (BTC) neared $45,500 after the Feb. 8 Wall Street open as bullish continuation brought the highest BTC price levels in a month.
Shorts fail to suppress a new BTC price advance
Data from Cointelegraph Markets Pro and 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.
$BTC
— Skew Δ (@52kskew) February 8, 2024
Interesting, this will bring volatility one way or another
MMs have the option to pin price and milk everyone or support an expansive move pic.twitter.com/cSTLGcJ41O
“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.
More of the same.
— CrediBULL Crypto (@CredibleCrypto) February 8, 2024
Funding pushed back up only to be forced right back down as OI continues to rise and spot premium increases.
All signs pointing to overly aggressive shorts that are failing to have much of an effect on price.
Continue the squeeze please $BTC. https://t.co/XLBtfSpLZm pic.twitter.com/eQXgKvrPeH
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’s BNB (BNB) and Cardano (ADA), which were up around 8.5% and 10.5%, respectively.
Related: 3 Bitcoin price forecasts calling new all-time highs and more in 2024
Largest altcoin Ether (ETH) 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 10 altcoins by market capitalization.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.