Bitcoin bulls are looking for a new year-to-date high

This weekend will be decisive for the cryptocurrency market, let's keep in mind that the Bitcoin price action after breaking the sideways and accumulation channel reached the $48,000 area and then paused, so the following movements will be key in the direction of the price action.

Today I read information released by Nancy Lubale that I felt it was important to share with you all, and that is that an estimate of 3 key BTC price indicators point to gains beyond $48,000.

According to Lubale, "Given this performance, technical indicators, rising bitcoin exchange-traded fund shares and on-chain data show that Bitcoin has the strength to revisit the post-approval high of the Bitcoin exchange-traded fund above USD 49,000."

In this regard, it is important to note that according to traders the Bitcoin SuperTrend indicator shows a rare buy signal, this because "it issued a bullish signal when it reversed from red to green and moved below the price at USD 44,600 on February 8."

Another highly relevant data point is that bitcoin exchange-traded fund shares continue to rise, "As the price of bitcoin rose above USD 47,000 on February 9, bitcoin exchange-traded fund shares gained approximately 4% on average"

SOURCES CONSULTED

Cointelegraph. 3 key Bitcoin price metrics hint at BTC gains above $48K. Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph