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
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<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
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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
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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

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Cointelegraph

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