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Crypto Market Analysis: This week marked a bullish phase for the cryptocurrency market, with a significant resurgence in buying interest across most major cryptocurrencies. <a href="https://coingape.com/btc-surges-beyond-48k-reaching-new-heights-in-cryptocurrency-market/" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading digital asset, experienced an 11% increase, climbing from $42,279 to $46,937. This rally, coupled with the rising inflow into Bitcoin ETFs, underscores the growing market interest in Bitcoin (BTC) as the underlying asset, thereby reinforcing a wider optimistic outlook in the market.
The total cryptocurrency market cap is making a pivotal move by breaking above a critical red resistance zone, as noted by crypto trader @rektcapital. A weekly close above this area could mark a significant bullish shift, turning resistance into support and potentially leading to further market growth.&nbsp;
This event signals a possible recovery phase, encouraging investors to monitor the market for opportunities as it may indicate the start of an expansive upward trend.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Total <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> Market Cap is breaking above the red resistance area
 A Weekly Candle Close above this red area could set up for a retest of it into new support before expansion to the upside<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/ZFa0zRM9aN" rel="noopener noreferrer nofollow">https://t.co/ZFa0zRM9aN</a> <a href="https://t.co/xxz6vZuYKP" rel="noopener noreferrer nofollow">pic.twitter.com/xxz6vZuYKP</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1755996736726712681?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 9, 2024</a>
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Amid the renewed recovery, Bitcoin (BTC), ImmutableX (IMX), and SUI showcase aggressive bullish momentum and potential for higher growth.
<h2 id="b-is-bitcoin-btc-price-heading-back-to-49000-b">Is Bitcoin (BTC) Price Heading Back to $49000?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/whIRAqnl.png" alt="BINANCE:BTCUSD Chart" width="1946" height="937">
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 Bitcoin (BTC) Price| Tradingview
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On February 7th, the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> gave a decisive breakout from the resistance trendline of a pennant pattern. This bullish continuation pattern releases the build-up bullish momentum and surges the price by 8% in the last 4 days.
Under the influence of this pattern, the BTC is likely to rise another 4% by mid-February and rechallenge to a yearly high of $49000.
Historical data reveals a fascinating trend in Bitcoin’s performance, with February and October emerging as the standout months for potential gains. According to insights shared by the esteemed crypto analyst @IT_Tech_PL, these months have consistently delivered positive returns for Bitcoin, with only two exceptions throughout its history.&nbsp;
Such a pattern underscores the unique seasonal tendencies within the cryptocurrency market, suggesting that these periods may offer favorable conditions for $<a href="https://coingape.com/ark-21shares-microstrategy-hold-10-bln-bitcoin-btc-price-rally/" rel="noopener noreferrer nofollow">BTC</a> investors.
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 Bitcoin Monthly Returns:
 Historically, February and October have been the best months for Bitcoin. Only twice in the entire history of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>'s existence has it resulted in an average loss in these months. While it's known that past results do not guarantee future profits, I am… <a href="https://t.co/q19kkTKNZZ" rel="noopener noreferrer nofollow">pic.twitter.com/q19kkTKNZZ</a>
 — IT Tech (@IT_Tech_PL) <a href="https://twitter.com/IT_Tech_PL/status/1756010162513457430?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 9, 2024</a>
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While past performance doesn’t guarantee future results, it may give higher conviction for long-position traders.
<h2 id="b-renewed-recovery-sets-immutablex-imx-price-for-rally-beyond-2-84-b">Renewed Recovery Sets ImmutableX (IMX) Price For Rally Beyond $2.84</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/y/yHj7HOSy.png" alt="BINANCE:IMXUSDT Chart " width="1946" height="937">
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 ImmutableX (IMX) Price| Tradingview
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During the late January surge in the cryptocurrency market, <a href="https://coingape.com/price/immutablex/" rel="noopener noreferrer nofollow">ImmutableX (IMX) coin price</a> demonstrated a bullish reversal, bouncing off a crucial support level at $1.75 and the 38.2% Fibonacci retracement mark. This shift propelled the coin’s value by 61% over three weeks, bringing its current trading price to $2.735.
This significant recovery is largely attributed to the announcement of the <a href="https://coingape.com/immutable-zkevm-launches-on-quicknode-as-its-mainnet-early-access-goes-live/" rel="noopener noreferrer nofollow">Immutable zkEVM Mainnet</a> Early Access, an innovative venture in blockchain gaming powered by Polygon.&nbsp;
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 Immutable zkEVM Mainnet Early Access is live!
 The future of gaming is here with the launch of Immutable zkEVM Mainnet, powered by <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@0xPolygon</a>.
 Immutable zkEVM is an ecosystem that empowers games to thrive. It offers massive scalability, smart contract compatibility, and gas-free… <a href="https://t.co/zSrUOwnsQo" rel="noopener noreferrer nofollow">pic.twitter.com/zSrUOwnsQo</a>
 — Immutable (@Immutable) <a href="https://twitter.com/Immutable/status/1752089273439060465?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a>
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Should the current trend persist, the IMX price is poised for an additional 6% increase in the upcoming week, potentially breaking through the March 2022 high of $2.84. A successful push beyond this threshold could further fuel the buying momentum, marking an early indicator of a trend reversal.
<h2 id="b-is-sui-price-ready-to-hit-2-b">Is SUI Price Ready to Hit $2?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/9/90WXKnTk.png" alt="BINANCE:SUIUSDT Chart Image" width="1946" height="937">
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 SUI Price| Tradingview
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The <a href="https://coingape.com/price/sui-coin/" rel="noopener noreferrer nofollow">SUI price</a> has experienced consistent growth within a rising wedge pattern on the daily chart, climbing from $0.72 to $1.71, a notable 138% increase. Despite a 2.48% loss in intraday trading, the price’s reversal from the upper edge of the pattern indicates a potential pullback towards the lower trendline.&nbsp;
This movement could offer a buying opportunity, with the price poised to reach $2 in the next upward move. Nonetheless, for the <a href="https://coingape.com/binance-enhances-support-for-sui-crypto-sui-price-to-rally/" rel="noopener noreferrer nofollow">SUI coin</a> to embark on a more definitive trend, it needs to break through the wedge pattern’s boundaries.
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The post <a href="https://coingape.com/markets/crypto-market-analysis-today-february-10-btc-imx-sui/" rel="noopener noreferrer nofollow">Crypto Market Analysis For February 10: BTC, IMX, SUI</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Market Analysis For February 10: BTC, IMX, SUI

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