Grayscale Bitcoin Trust

Spot

James

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) took a rain check on snap upside at the Feb. 9 Wall Street open as 24-hour gains hit 6%.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/d4eb9434-fa75-4d39-b1f6-b3bf723e56ff.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
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</figure>
<h2 data-ct-non-breakable="true" id="analysis-warns-bitcoin-shorters-play-a-risky-game">Analysis warns Bitcoin shorters play a risky game</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price trajectory retracing after reaching $47,700.
The move, driven by spot markets, <a href="https://cointelegraph.com/news/bitcoin-price-46k-sp-500-historic-highs">barely stopped for breath overnight</a> as successive Asia and United States trading sessions posed little problem for bulls.
At the time of writing, $47,400 formed a focus as volatility remained, with Bitcoin still sizing up its highest levels since late 2021. The week’s performance additionally marked Bitcoin’s strongest since last October.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Spot Delta As you can see it is mostly spot driven. Every strong push up hasn't retraced, but rather kept on going higher. <a href="https://t.co/js8VUQbm0i">pic.twitter.com/js8VUQbm0i</a>— exitpump (@exitpumpBTC) <a href="https://twitter.com/exitpumpBTC/status/1755922883337990579?ref_src=twsrc%5Etfw">February 9, 2024</a>
</blockquote> 
“Strong bounce from the midrange, attacking $48,000 again, as expected,” popular trader Jelle wrote in part of his <a href="https://twitter.com/CryptoJelleNL/status/1755912715455901796" target="_blank" rel="noopener nofollow">latest analysis</a> on X (formerly Twitter).
<blockquote data-ct-non-breakable="true">
 “Last hurdle for Bitcoin to overcome, not much standing in the way of new all-time highs once it breaks.”
</blockquote>
Jelle additionally <a href="https://twitter.com/CryptoJelleNL/status/1755944726220403092" target="_blank" rel="noopener nofollow">described</a> the current price range as a “moment of truth.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/bf86d7dd-41da-4191-b782-a5e9d50bbe82.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-week chart. Source: Jelle/X
 </figcaption>
</figure>
Fellow trader Skew, meanwhile, warned that the entire day would likely stay “pretty volatile.”
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Market still driven by taker flow primarily, looking for absorption of sellers here for actual drive higher likely pretty volatile today <a href="https://t.co/uTAxbEiXrE">pic.twitter.com/uTAxbEiXrE</a>— Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1755961224377090109?ref_src=twsrc%5Etfw">February 9, 2024</a>
</blockquote> 
More sober on the immediate outlook was Keith Alan, CEO and co-founder of trading resource Material Indicators, who observed significant sell-side liquidity immediately below the two-year range highs and $50,000.
“Something to consider before you FOMO into BTC at this level. There is ~$175M in BTC ask liquidity (aka resistance) stacked between here and $50k, and only ~$50M in bid support down to $43k,” part of his own&nbsp;<a href="https://twitter.com/KAProductions/status/1755994041223634953" target="_blank" rel="noopener nofollow">X post</a> read.
Alan nonetheless suggested that a weekly close above $45,000 would be beneficial to bulls, with whales easily able to take the market higher should $50,000 appear — to the detriment of short positions.
“If you are considering a short, be prepared to get squeezed. IF whales manage to push above $50k there is currently very little friction up to $55k,” he concluded.
An accompanying chart laid out buy and sell liquidity and cumulative volume delta, or CVD, on the BTC/USDT order book of the largest global exchange, Binance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/eff81ef5-3c00-4c24-9856-9d575a2e0eb4.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data for Binance. Source: Keith Alan/X
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="spot-bitcoin-etf-inflows-impress">Spot Bitcoin ETF inflows impress</h2>
The day’s flows among the newly launched U.S. spot Bitcoin exchange-traded funds (ETFs), meanwhile, continued an encouraging narrative for bulls.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-forecasts-new-all-time-highs-more-2024">3 Bitcoin price forecasts calling new all-time highs and more in 2024</a>
The Grayscale Bitcoin Trust (GBTC) saw outflows in line with expectations, while the previous day’s cumulative netflows among the remaining nine ETFs were the third-largest since their Jan. 11 launch, per data uploaded to X by Bloomberg Intelligence ETF analyst James Seyffart.
<blockquote class="twitter-tweet">
 This is the 3rd biggest inflow day for the group since their launch. First day was +$655 mln and 1/17 was +$453. Still a big day. <a href="https://t.co/peUszfnrfZ">pic.twitter.com/peUszfnrfZ</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1755954322121064919?ref_src=twsrc%5Etfw">February 9, 2024</a>
</blockquote> 
As <a href="https://cointelegraph.com/news/blackrock-fidelity-etfs-largest-debut-month-30-years">Cointelegraph reported</a>, the ETFs from BlackRock and Fidelity Investments recorded the most successful first month’s trading of any ETF product in the past thirty years.
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.

Bitcoin shorts should brace to ‘get squeezed’ as BTC price eyes $50K

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