Bitcoin bulls are chasing a new year-to-date high. Cointelegraph explains what is behind the BTC price move.
Bitcoin price is up 6.28% over the last 24 hours and hit an intraday high at $48,200 on Feb. 9. Technical indicators, rallying spot Bitcoin exchange-traded fund (ETF) shares and on-chain data show that Bitcoin (BTC) has the strength to revisit the post-Bitcoin ETF approval high above $49,000.
Bitcoin’s monthly chart shows that the SuperTrend indicator flashed a bullish signal when it reversed from red to green and moved below $44,600 on Feb. 8.
This index overlays the chart while tracking BTC’s trend, like the moving averages. It incorporates the average true range in its calculations, which helps traders identify market trends.