Bitcoin price experienced a three-day pump that broke above $45,000 and hit a high of $45,554 on Thursday, February 8, 2024. The price of Bitcoin (BTC) is $46,216 today. This represents a +3.8% price increase in the last 24 hours and a +7.3% price decrease in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.5%
- Bitcoin Market Cap: $906.889 billion
- Total Supply: 21 million
- Circulating supply: 19.622 million
Previous Bitcoin Price Analysis
Last week Bitcoin price experienced a significant rise of 7.9% from a low of $38,900 and touched a high of $43,800. Bitcoin broke above the 50-day moving average and remained inside the ranging zone for some days.
The 50-day moving average later acted as a support from which BTC bounced and continued the upward trajectory.
Over the past two days, Bitcoin rallied 6.91% and broke out of the consolidation zone.
Bitcoin Eyes Previous YTD High as Bulls Find Renewed Strength
The Bitcoin engine is hot and BTC bulls are laser-focused on hitting the previous YTD high of 49,048. But Bitcoin may continue. Weekly pivot points show that Bitcoin can hit $47,338, $49,836, and $53,913 in this run.
The possibility of this rally turning into yet another liquidity high event is high as there have been two other such cases in the recent past.
Hence, bulls might want to be careful on this rally.
On the other hand, if smart money is done hunting for liquidity, then they might let BTC run higher.
The two-month-long consolidation zone provided enough time for market makers to manipulate market prices and add liquidity to their coffers.
What comes next is a pump that may see Bitcoin touch $52,000 before a Black Swan even causes the markets to crash.
I still maintain my prior prediction of a $33,000 BTC by halving week and a $57,000 BTC by June 2024.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.