Bitcoin Price Approaches $45.5K Amid Altcoin’s Anticipated Breakout

Bitcoin came close to reaching $45,500 on February 8th, following the opening of Wall Street, as bullish continuation led to the highest price levels for the cryptocurrency in a month. Data from Markets Pro and TradingView showed ongoing strength in BTC/USD, with a 2.5% increase on that day. This set the stage for significant movements in other major altcoins. Concerns arose regarding the impact of leveraged traders on the surge, as open interest in Bitcoin alone increased by nearly $1 billion in less than 24 hours. Despite these concerns, the market seemed determined to recover the ground lost since Bitcoin’s descent from its two-year high of $49,000 on January 11th.

Well-known trader Jelle told subscribers on X (formerly Twitter) that if Bitcoin could close the day above $45,000, it could continue to rise significantly. Another trader, Credible Crypto, pointed out that sellers were having little impact on the market, suggesting that overly aggressive short positions were proving ineffective in influencing prices. Trader Bagsy proposed that those who sold Bitcoin when the United States spot Bitcoin exchange-traded funds (ETFs) were launched in January would now be looking to reenter the market. Financial commentator Tedtalksmacro emphasized the importance of the $43,800 level in preventing a retracement in Bitcoin’s price. He also noted that BTC/USD should maintain its 50-day exponential moving average (EMA) at $42,330 to sustain a bullish trend.

Turning to altcoins, Binance Coin and Cardano stood out as they each saw gains of around 8.5% and 10.5% respectively at the time of writing. Ether, the largest altcoin, was trading near $2,450, representing a 7% increase over the past week. Popular trader and analyst Rekt Capital suggested that the breakout in Ether could potentially ignite a “historic breakout” in altcoins as a whole. Several of the top ten altcoins by market cap were competing for the title of the best intraday performance.