Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) held around 3% higher on Feb. 8 as crypto markets teased some much-needed upside.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/68d2dd1f-099d-4aa2-97e7-1f2c2f195558.png">
 <figcaption style="text-align: center;">BTC/USD 1-day chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-adds-nearly-1-billion-open-interest">Bitcoin adds nearly $1 billion open interest</h2>
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> showed BTC price action focusing on $44,700.
The largest cryptocurrency spiked to $44,766 on Bitstamp after the Feb. 7 daily close, marking its highest levels in nearly a month.
While comparatively modest in percentage terms, the move went some way to alleviating the frustrating landscape around BTC/USD in place since mid-January. As Cointelegraph reported, the pair <a href="https://cointelegraph.com/news/eth-price-repeat-2-7-k-january-spike-bitcoin-analysis" rel="noopener noreferrer nofollow">has remained tightly rangebound</a>.
“Bitcoin going for it again, as we're approaching $45K. The range is still defined,” Michaël van de Poppe, founder and CEO of MN Trading, wrote in his <a href="https://twitter.com/CryptoMichNL/status/1755518689447661753" target="_blank" rel="noopener noreferrer nofollow">latest analysis</a> on X (formerly Twitter).
<blockquote>
 “I think we'll reach $48-51K pre-halving and correct back down for some more consolidation.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/5c97be99-d41f-4431-82db-26e3c372bec7.png">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source:&nbsp;Michaël van de Poppe/X
 </figcaption>
</figure>
Van de Poppe referenced the short-term BTC price timeline culminating in the <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="noopener noreferrer nofollow">block subsidy halving event</a>, which is currently scheduled to hit around April 17.
Among some traders, however, the mood was cautious. Reviewing what led to the latest uptick, J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, warned that its longevity may be limited.
“This pump is driven by leverage,” part of an <a href="https://twitter.com/JA_Maartun/status/1755515966618816700/photo/1" target="_blank" rel="noopener noreferrer nofollow">X post</a> read on the day.
<blockquote>
 “The Open Interest has increased by +$982m in less than 24 hours. While this can be manageable if the price holds steady, brace yourself for volatility if it starts to reverse.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/926a3aa5-b66b-420c-9322-ca8f06d70e3b.png">
 <figcaption style="text-align: center;">BTC/USD chart with aggregate open interest. Source: J. A. Maartunn/X
 </figcaption>
</figure>
Significant increases in open interest over a short period have been responsible for snap BTC price moves before, among them during <a href="https://cointelegraph.com/news/bitcoin-traders-earmark-key-btc-price-levels-as-34k-struggles-to-hold" rel="noopener noreferrer nofollow">October’s run from $28,000</a>.
In what could help stem any sudden market turnaround, financial commentator Tedtalksmacro noted increasing bid liquidity versus a thinning out of would-be sell-side pressure.
<blockquote class="twitter-tweet">
 Spot Bitcoin bid depth is increasing for the first time in 10 days. While offer depth decreases... <a href="https://t.co/ikkcEBgWMY" rel="noopener noreferrer nofollow">pic.twitter.com/ikkcEBgWMY</a>— ted (@tedtalksmacro) <a href="https://twitter.com/tedtalksmacro/status/1755374655098212662?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a>
</blockquote>
<h2 id="btc-price-optimists-double-down-on-halving-macro-risk">BTC price optimists double down on halving, macro risk</h2>
As Cointelegraph continues to report, the halving is responsible for an increasing number of bullish BTC price predictions.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-10-days-max-btc-price-squeeze" rel="noopener noreferrer nofollow">Bitcoin has ‘10 days max’ until BTC price metric hits squeeze zone</a>
These even include a potential <a href="https://cointelegraph.com/news/bitcoin-price-forecasts-new-all-time-highs-more-2024" rel="noopener noreferrer nofollow">run past $60,000</a> before mid-April — a theory since repeated by its creator, popular commentator Fred Krueger.
<blockquote class="twitter-tweet">
 As <a href="https://twitter.com/jvs_btc?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@jvs_btc</a> says, the "then suddenly" part of the narrative could be days or weeks away.— Fred Krueger (@dotkrueger) <a href="https://twitter.com/dotkrueger/status/1755430993820020884?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 8, 2024</a>
</blockquote>
Former BitMEX CEO Arthur Hayes likewise reiterated his faith in sky-high Bitcoin prices this week, but for different reasons, particularly the <a href="https://cointelegraph.com/news/btc-price-1m-bitcoin-bulls-dream-nycb" rel="noopener noreferrer nofollow">resurgent instability</a> in the United States regional banking sector.
“Almost this time last year, just after the banking crisis, I said Bitcoin was about to start its bull market,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, <a href="https://twitter.com/jvs_btc/status/1755492258806206947" target="_blank" rel="noopener noreferrer nofollow">continued</a> on the topic.
<blockquote>
 “As of this moment, coins continue to be acquired at higher prices; this is a highly orderly bull market.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price nears $45K amid warning Bitcoin leveraged traders in control

Table of Contents

Cointelegraph

Other articles published on Feb 8, 2024

Solana Recovers from Recent Outage, Sees Price Rebound

Can XRP Price Chart A Course To $10? Crypto Analyst Reveals The Roadmap

Bitget Wallet Enhances BTC Ecosystem Support with ARC-20 Inscription and Lightning Network Integr...

3 Reasons Why Bitcoin (BTC) Broke $45,000

AI: Microsoft partners with Sarvam AI to establish itself in India

Bitcoin Rebounds and Altcoins Rally as Market Conditions Improve

Join our free newsletter for daily crypto updates!