The mood across the cryptocurrency ecosystem has shifted to cautious optimism on Feb. 7, as Bitcoin (BTC) bulls managed to bid its price back above support at $44,000 with the help of several positive developments, including the announcement that “Big Four” auditor KPMG has added BTC and Ether (ETH) to its corporate treasury.
Data from Cointelegraph Markets Pro and TradingView shows that, after hovering around $42,500 during the early morning on Feb. 7, a midday wave of buying lifted the BTC price to a high of $44,500 as short traders scrambled to close their positions.
Here’s a look at what several analysts are saying about Feb. 7’s move from Bitcoin and what could possibly come next as traders look to capitalize on the sudden spike in price and momentum.
“Good spot to close longs out”
The sudden move up in BTC has led to a plethora of up-only bullish proclamations by crypto holders, while more seasoned traders, including pseudonymous Twitter user Pentoshi, are using this opportunity to secure some profits and reposition themselves for what comes next.
Pentoshi rekao:
“Sada uzimam posljednje uspone. Traži se posljednji porast, ali $44,000–$46,300. Po mom mišljenju, dobro mjesto za zatvaranje traži i ponovno procjenu.”
Traders remain bearish on BTC
Insight into how active traders are perceiving this latest BTC price move was provided by Bitcoin analyst and Twitter user Allen Au, who objavljeno the following graphic outlining how the futures markets were impacted by Feb. 7’s price action.
As shown in the graphic, $71 million in Bitcoin shorts were liquidated in the move to go along with a decrease in open interest, which Au suggested is a “short squeeze” that “could continue to fuel a price rise.” He further explained:
„Stope finansiranja trajnih fjučersa su negativne uprkos tome što je BTC probio iznad 44 hiljade dolara. Trgovci su i dalje medvjeđi po pitanju BTC-a.”
Au highlighted the next major resistance levels for Bitcon at $44,500, $46,500 and $47,500.
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$45,000 signals a possible trend reversal
A look at the long-term price action for Bitcoin was provided by crypto analyst and pseudonymous Twitter user Sheldon the Sniper, who objavljeno the following chart showing that BTC has climbed back into the upward trend it’s been on since late 2020.
Sheldon said:
“$45,000 will give us the first major higher high and will be a great indication of possible trend reversal.”
A slightly different perspective of the long-term BTC price action was offered by crypto analyst and pseudonymous Twitter user TechDev, who objavljeno the following chart and suggested that “Bitcoin has been correcting/consolidating for nearly a year.”
TechDev explained:
“Likely in a running flat, which could turn into a running triangle. The next impulse is poised to be a big one.”
The overall cryptocurrency market cap now stands at $2.024 trillion and Bitcoin’s dominance rate is 41.5%, according to CoinMarketCap.
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Source: https://cointelegraph.com/news/bitcoin-bulls-look-to-push-price-above-45k-to-validate-bullish-trend-reversal