We are in the most bullish days so far this year, this if we take into account that the price action after the approval of the Bitcoin ETF came in retreat stopping and oscillating near the USD 40,000 area, however the price was able to recover quickly and today it is above USD 45,000.
According to William Suberg, "Bitcoin approached USD 45,500 after Wall Street opened on February 8, as the bullish continuation brought BTC's highest price levels in a month", nevertheless bearish traders fail to suppress a new BTC price advance.
On the other hand trader Bagsy suggested that, "those who sold BTC at the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. last month would now be looking for a re-entry"
Among the data to keep in mind, is that altcoins price action is heating up in that particular interest is emerging towards BNB and ADA, which rose around 8.5% and 10.5%, respectively.
Similarly, several of the top ten altcoins by market cap were vying for the crown of best intraday performance, from my perspective this may be the start of the bull run for alternative cryptocurrencies.
SOURCES CONSULTED
Cointelegraph. Bitcoin price nears $45.5K as altcoins tease ‘historic breakout’. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
