Bitcoin bulls are chasing a new year-to-date high. Cointelegraph explains what is behind the BTC price move.
Bitcoin price is up 6.28% over the last 24 hours and hit an intra-day high at $48,200 on Feb. 9. Given this performance, technical indicators, rallying spot Bitcoin ETF shares and on-chain data show that Bitcoin (BTC) has the strength to revisit the post-Bitcoin ETF approval high above $49,000.
Bitcoin’s monthly chart shows that the SuperTrend indicator flashed a bullish signal when it reversed from red to green and moved below the price at $44,600 on Feb. 8.
This index overlays the chart while tracking BTC’s trend like the moving averages. It incorporates the average true range (ATR) in its calculations, which helps traders identify market trends.
