Bitcoin (BTC) reached a new multi-week high above $45,000 on February 8 as the biggest cryptocurrency continues to come back.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
$40,000 becomes a popular target for retest
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $45,500 on Bitstamp during its most recent advance before consolidation.
Volatility was once again visible as the pair fluctuated by $1,000 on time around $44,800 at the time of writing.
Fears of a major correction that day remain unfounded, despite theories that the $40K could be retested next time.
As Cointelegraph reported, Bitcoin’s latest move is a flash of a downtrend after all-time highs in November.
Driven by a similar exit from the Relative Strength Index (RSI), BTC price is currently approaching its yearly open above $46,000.
Analyzing the fuel behind the progress made in recent days, online analytics indicators indicated that high-volume traders are piling up while whales bought at around $38,000 are now neutral.
“The rally leaders had orders of $10–100,000 (in green), which was roughly the total CVD total, and it was clear that it was TWAP’ed as the bottom was inside. The whales either remained unchanged or sold out in currants,” Company summarized. . .
In a separate development, news emerged on Monday that US regulators have approved a new form of exchange-traded fund (ETF) with a focus on bitcoin mining.
“Just as the downward movement has not resulted in dead cats rebounding or clean re-tests, so far the move has resulted in a shallow fall and no clean-testing, leaving capital in a sweat and possibly in chase,” added the positive William. Clemente about it. The last change in price.
XRP tops the top 10 earnings of altcoins
In the meantime, altcoins have been a bit slower as the Bitcoin rally overwhelmed everyone.
Related: BTC Price Returned to $43K – 5 Things to See in Bitcoin This Week
Ether (ETH), the largest altcoin by market cap, is up 2.8% in 24 hours compared to Bitcoin’s 5%, with only Cardano (ADA) and XRP outperforming the majority.
XRP/USD 1 day light chart (bit tick). Source: Trading View
The latter showed a daily gain of more than 16%, which represented a clear reversal and paved the way for an attack on the $1 mark.
