Bitcoin Bulls Try to Rise the Price Above $45K

The mood in the cryptocurrency ecosystem shifted to optimism on February 7. Bitcoin bulls managed to bring the price back above $44,000 support with the help of several positive events; Including the announcement that the Big Four auditor KPMG BTC and Ether have been added to its corporate treasury. The latest data show that on February 7, after hitting $42,500 in the morning, the midday buying wave BTC price rose to $44,500. Short traders tried to close their positions. What can happen next when traders try to take advantage of a sudden increase in price and momentum? According to experts, this is a good place to close.

The sudden rise in BTC led to an abundance of only adult ads by crypto owners. While more experienced traders, including Pentoshi, use this opportunity to secure some profit and position themselves further. Pentosh says it is now taking its last peaks. He is looking for the ultimate extreme, though $44,000– $46,300. In his view, this is a good place to close and re-evaluate.

Traders Remain Safe on BTC

Bitcoin analyst and Twitter user Allen Au published a chart describing how the February 7 price action affected futures markets. According to the schedule, $71 million worth of Bitcoin shorts were liquidated with that move. This is accompanied by a decrease in open interest, which is likely to be a short contraction. This can continue to drive up prices. According to him, the financing rates of permanent futures are negative; Although BTC exceeds 44 thousand dollars. Traders are still cynical about BTC. Au highlighted major levels after $44,500, $46,500 and $47,500 after Bitcon’s resistance.

$45,000 indicates a possible trend reversal. Sheldon the Sniper published a chart showing that BTC is back again in the upward trend that it had been since the end of 2020. Sheldon said $45,000 would give us the first significant high rate. This would be an excellent indicator of a possible reversal of the trend. Crypto analyst TechDev has a slightly different perspective on the long-term value of BTC, saying that Bitcoin has been consolidating for almost a year. According to TechDev, the next impetus will be great. According to CoinMarketCap, the total market capitalization of cryptocurrencies now stands at $2.024 trillion. Bitcoin dominance rate is 41.5%.