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  • Writer's pictureIrakli

Market overview 9 Feb 2024

Bitcoin has continued its upward momentum, not only consolidating above 45,200 but also setting a new local high at 46,384, currently hovering around 46,100 as of the review writing. The market capitalization stands at 1.696 trillion, with Bitcoin dominance at 53.3%, reaching its peak since January 9.

Following the breakout from the range, Bitcoin maintains its upward trajectory. The cryptocurrency's price has returned to levels seen before the decline following the ETF pump. Back then, after briefly surpassing 48,000, the price retraced to the 46,000-47,000 range and then dropped below.

Looking at the situation from the beginning of the year, there was initially a surge in anticipation of BTC-ETF acceptance. After the approval of Bitcoin-ETF, there was a sell-off, followed by 10 days of accumulation in the 42,000-43,500 range, and then a breakout above the range, leading to organic growth. Everything is unfolding as predicted in the article from December 5.

Yesterday, the Bitcoin ETF closed with a 2.7% gain. Interestingly, Bitcoin's rise to 46,000 occurred again after the closure of BTC-ETF. It seems that after the trading opens, the IBIT price will catch up to the spot, thereby boosting Bitcoin's spot price today. A clever scheme, and I like it.

However, the challenge lies ahead at 48,000. In January, we witnessed a drop to 38,500 from this level, and in spring 2022, after an unsuccessful attempt to establish above 48,000, the price dropped much lower. Though the current situation is different, for a sustainable medium-term growth towards the year-end targets (50,000+ and ATH), a confident consolidation of Bitcoin above 48,000 is required, along with the market capitalization stabilizing above 2 trillion.

These goals are realistic and could be achieved soon. Even if the path to these objectives is not entirely direct and involves another pullback below 45,000, it doesn't change the overall outlook.

Altcoins are relatively weak at the moment. Ethereum struggles to consolidate above 2,460, while Bitcoin dominance is on the rise. In the last 24 hours, DYM, BTT, and STX showed growth, while most others remained relatively stable. This might be an opportunity for those who haven't bought Bitcoin yet, waiting for a cheaper entry.

With Ethereum firmly above 2,500, and especially with Bitcoin securing a position above 48,000, we can expect significant growth across the entire market.

The preferred scenario for today is Bitcoin ranging from 45,200-44,800 at the bottom to 47,800-48,200 at the top. An alternative scenario is consolidation above 48,200. My position on Bitcoin, acquired below 40,000, remains unchanged.

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