Bitcoin's price has surged by 10% following a dip to $38,500 on Jan. 23, hitting its lowest point in 50 days. Recent market data suggests that investors are gearing up for a bullish start to February.
The decline in Bitcoin's value occurred after the SEC announced its decision on a spot ETF approval on Jan. 11. This triggered a bearish trend as speculators took advantage of the media hype to lock in profits, causing Bitcoin to plummet to $38,500.
However, with strong support around the $39,000 mark, optimistic Bitcoin investors are now strategically positioning themselves for a significant price rebound in the month of February.
In February, Bitcoin appears poised to revisit the $45,000 mark. Recent market data suggests that the selling pressure following the excitement around the ETF approval has subsided, with investors moving approximately $220 million worth of BTC into long-term storage.
Technical analysis indicates that Bitcoin is currently trading at $43,380, surpassing the 20-day simple moving average (SMA) price of $42,163. This uncommon market trend confirms a shift in short-term market sentiment towards bullish.
Looking ahead, the next significant hurdle lies at the upper Bollinger Band, which stands at $45,300.
