Bitcoin (BTC) hit new multi-week highs above $45,000 on Feb. 8 as the largest cryptocurrency’s comeback continued.
BTC/USD 1-hour candle chart (Bitstamp). Source: TringView
$40,000 becomes popular retest target
Data from Cointelegraph Markets Pro and TringView showed BTC/USD reaching $45,500 on Bitstamp in its latest surge before consolidating.
Volatility was once again in evidence as the pair fluctuated by $1,000 on intra-hour timeframes, circling $44,800 at the time of writing.
Fears of a major correction were nonetheless left unfounded on the day, despite theories that $40,000 could see a retest next.
lol okay a couple hundred dollars lower than previous tweet but I’m back to thinking we run it back to retest 40K idk honestly listening to this space has my brain all sorts of messed up clearly not thinking clearly
either way just keep stacking
trend is bullish
d on dips pic.twitter.com/swQXuSqDYC
— K A L E O (@CryptoKaleo) February 8, 2022
As Cointelegraph reported, Bitcoin’s latest moves represent a breakout of a downtrend in place since November’s all-time highs.
Sparked by a similar exit from its relative strength index (RSI), BTC price action is now closing in on its yearly opening price just above $46,000.
Analyzing the fuel behind the past days’ progress, on-chain analytics resource Material Indicators noted that large-volume trers were accumulating, while whales, who h bought in at prices around $38,000, were now neutral.
“Driver of the rally were orders of size $10k – $100k (green), which me up almost all of the total CVD, and evidently TWAP’ed since the bottom was in. Whales remained either flat or sold into the rips,” it summarized.
In a separate development, news came Monday that United States regulators h approved a new form of exchange-tred fund focused on Bitcoin mining.
“Just as the move down gave no de cat bounces or clean retests, this up move so far has given shallow dips and no clean retests, leaving sidelined capital sweating and potentially having to chase,” a positive William Clemente ded about the latest price performance.
XRP les top 10 altcoin gains
Altcoins, meanwhile, were slightly more sluggish as Bitcoin’s rally stole the show.
Related: BTC price returns to $43K — 5 things to watch in Bitcoin this week
Ether (ETH), the largest altcoin by market capitalization, was up 2.8% in 24 hours compared to Bitcoin’s 5%, with only Cardano (ADA) and XRP conspicuously outperforming the majority.
XRP/USD 1-day candle chart (Bitstamp). Source: TringView
The latter saw daily gains in excess of 16%, marking a clear turnaround and paving the way for an attack on the $1 mark.
That is the strongest daily candle we have seen on XRP/BTC in 6 months. We have broken our falling wedge downtrend line and a key cluster of resistance. May have avoided the breakdown I was concerned about. Will get more confirmation in the coming days if this move is legit. $XRP pic.twitter.com/wW4GdizlZ1
— Credible Crypto (@CredibleCrypto) February 8, 2022
ADA/USD was up 6.3% at $1.23, its highest level since Jan. 20.
META ARTICLE: Bitcoin rebound hits $45.5K as focus switches to future support retests PUBLISHED: 2022-02-08 07:57:58 SOURCE: https://cointelegraph.com/news/bitcoin-rebound-hits-45-5k-as-focus-switches-to-future-support-retests