Bitcoin broke through $45,000 on Feb. 8, hitting a multi-week high, as the largest cryptocurrency continues its recovery.
BTC/USD 1-hour candle chart (Bitstamp) Source: TradingView
Bitstamp’s BTC/USD hit $45,500 during the latest surge before correcting, according to data from Cointelegraph Markets Pro and TradingView.
Volatility was evident again, with BTC/USD fluctuating by $1,000 in an hour, hovering at $44,800 at the time of writing.
Fears of a sharp pullback were not confirmed on the day, despite theories that $40,000 could be retested next.
Haha ok, a few hundred dollars less than the previous tweet, but again I was thinking we're going to retest $40,000, honestly my brain is a mess, obviously not thinking clearly
No matter what, keep on accumulating
trend is bullish
Increase positions on dips
— KALEO (@CryptoKaleo) February 8, 2022
As reported by Cointelegraph, Bitcoin’s latest move represents a break from the downtrend that began last November when it hit an all-time high.
Bitcoin price action is now heading towards its yearly start of just over $46,000.
On-chain analysis resource Material Indicators analyzed the impetus behind the progress of the past few days, noting that a large number of traders are accumulating, while whales who bought at the price around $38,000 are currently neutral.
On the other hand, news broke on Monday that U.S. regulators had approved a new form of exchange-traded fund (ETF) focused on bitcoin mining.
William Clemente added on the latest price performance: "Just like there was no dead cat bounce on the dip and no clean retest, the uptick so far has seen only minor dips and no clean retest, making Wait-and-see capital is nervous and may have to chase."
Meanwhile, altcoins have been a bit underwhelmed as Bitcoin’s gains have been eye-catching.
The largest altcoin by market cap, Ethereum, is up 2.8% in 24 hours, while Bitcoin is up 5%, with only Cardano (ADA) and XRP significantly outperforming most altcoins.
XRP/USD 1-day candle chart (Bitstamp) Source: TradingView
The latter’s daily gain of more than 16% marked a clear turnaround and paved the way for a break above the $1 mark.
This is the strongest daily chart we have seen for XRP/BTC in 6 months. We have broken the downtrend line of the descending wedge and a key resistance group. Probably avoided the crash I was worried about. If this move is justified, more confirmation will be forthcoming in the coming days.
— Credible Crypto (@CredibleCrypto) February 8, 2022
ADA/USD rose 6.3% to $1.23, the highest level since Jan. 20.
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Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, market and contract data, mining information, project trends, technology progress and other industry trends.
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Cointelegraph