Bitcoin rebounds to $45.5K as attention shifts to upcoming support retests.
Bitcoin price motion has been “up only” in recent days, but when a pullback occurs, expectations are put on $40,000 holding.
On Feb. 8, Bitcoin (BTC) reached fresh multi-week highs above $45,000, as the largest cryptocurrency’s rebound continued.
BTC/USD reached $45,500 on Bitstamp in its most recent spike, according to data from Cointelegraph Markets Pro and TradingView, before settling.
Volatility returned as the pair varied by $1,000 on intra-hour timescales, circling $44,800 at the time of writing.
Despite ideas that $40,000 may see a retest next, fears of a significant correction were unwarranted on the day.
As previously noted, Bitcoin’s recent swings mark a breakdown of a downtrend that has been in place since November’s all-time highs.
BTC price movement is presently closing in on its annual opening price of slightly around $46,000, sparked by a similar exit from its relative strength index (RSI).
Material Indicators, an on-chain analytics site, observed that large-volume traders were accumulating, while whales, who had bought in at prices around $38,000, were now neutral.
Orders of $10k – $100k (green) drove the rally, accounting for about all of the total CVD and clearly TWAP’ed since the bottom was in. Whales either stayed flat or were sold into the rips It summed up.
Separately, authorities in the United States authorised a new type of exchange-traded fund focused on Bitcoin mining on Monday.
Just as the move down produced no dead cat bounces or clean retests, this up move has produced shallow dips and no clean retests, leaving parked capital sweating and maybe needing to pursue, said a bullish William Clemente of the current price performance.
Meanwhile, altcoins were somewhat slow as Bitcoin’s rise grabbed the show. The largest cryptocurrency by market size, Ether (ETH), was up 2.8 percent in 24 hours, compared to Bitcoin’s 5 percent, with just Cardano (ADA) and XRP beating the majority.
