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During the early Asian trading hours on February 2, Bitcoin’s BTC surged again above $43,000. As of this writing, Bitcoin Price Surges $43,128—a 2.5% increase over the previous day.
With a market valuation of $847.1 billion, this performance has increased Bitcoin’s dominance to 50.25% of the entire crypto market value.
Bitcoin is getting up for a huge advance in February, with a breakout, a retest, and a bullish pattern in the works. The major cryptocurrency is predicted to rise in value amidst growing concerns about the effects of spot Bitcoin ETFs and the impending halving (less than 120 days away).
A decrease in spot BTC ETF withdrawals, with the majority of the products turning green in the last few days, may support Bitcoin’s comeback.
Tracking of public holdings data indicates that Bitcoin ETFs are now profitable, as evidenced by Blackrock’s IBTC increasing 1.09% in the past 24 hours. Over the same time period, Invesco Galaxy’s BTCO increased by 1.34%, while Grayscale’s GBTC increased 1.11%.
On the daily chart, the price of Bitcoin has created a V-shaped recovery chart pattern. The daily chart displays a doji candlestick, indicating that the $43,000 level is being fiercely defended by both bulls and bears.
Read More: Crypto Experts Predict Massive Price Surges for Dogecoin, Floki, and Meme Moguls
The relative strength index (RSI) has returned to a value greater than 50 points. At 54, the price strength indicated that purchasers were making a comeback. Therefore, if more purchases are made at the current prices, the price will rise to $45,000, which is the psychological level.
Above that, the price of the original cryptocurrency might increase to $47,000, the neckline of the dominant chart pattern.
The uptrend would be confirmed if a daily candlestick close above this mark, and the next logical step would be to the highly sought-after $50,000 level or the 20-month high at $49,000. A move like that would increase the gains to 16% overall.
On the down side, sellers might prevail in the ongoing conflict and drive the price lower than it is now.
The first line of defense in this case would be the 50-day exponential moving average at $1,993. Before hitting the chart’s bottom at $38,500, the 100-day EMA at $39,811 can offer another zone of support.
Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.
