The cryptocurrency market, especially Bitcoin, has broken the bearish streak that crypto enthusiasts experienced following the approval of the Bitcoin Exchange-traded fund (ETF). After the approval of the Bitcoin ETF, the price of Bitcoin declined consecutively for the last 11 days. However, the price reversal has neutralized all the losses that the price experienced, caused by the ongoing bullish momentum since January 21, 2024.
Bitcoin becomes investors’ top priority
Recently, on February 9, 2024, an on-chain analytics firm, Santiment, made a post on X (previously Twitter) stating that Bitcoin’s social volume is continuously surging. According to the post, investors and retailers are less likely to interact with the biggest meme coin, DOGE, as well as Ethereum. Although, overall crypto markets are recovering.
Bitcoin is the only cryptocurrency that experienced a significant price surge of over 4% in the last 24 hours compared to other top 10 cryptocurrencies. Besides Bitcoin, other cryptocurrencies like Ethereum, Solana, BNB, XRP, and others also experienced price surges. But looking at the gain of Bitcoin, it looks like investors are now focusing more on Bitcoin besides other cryptocurrencies, either Ethereum or Dogecoin.
The continuous price surge in Bitcoin for the last 17 days gathered everyone’s attention as the world’s biggest cryptocurrency is heading toward its previous 52-week high. However, if Bitcoin continues to maintain this move, in the coming days, we may see a price of $50,000.
Buy signal flashed for Bitcoin
Following all this price momentum, recently, a prominent trader and analyst, Ali, made a post on X, stating that the super trend (a technical indicator) flashed a buy signal for Bitcoin on its monthly time frame. However, the track record of these super-trend indicators is quite impressive. According to historical data, this indicator, with its previous four buy signals, resulted in impressive gains: 169,172%, 9,900%, 3,680%, and 828%, respectively.
Currently, Bitcoin is trading near $46,700, and in the last 24 hours, BTC experienced a price surge of over 4.5%. If we look at the BTC over a longer period, in the last 7 days, Bitcoin experienced over 8.5%. Whereas in the last 30 days, BTC experienced a slight 0.7% positive momentum. This last 30 days’ price surge is minimal because of the price drop following the Bitcoin ETF approval.
