Bitcoin: Bulls looking strong; will we see more of them?


For the past five days, Bitcoin has been trading in the green. In addition, BTC has undergone a counter-trend bounce, climbing above $44k after three months in a continuous downturn.

On Tuesday, February 8, BTCUSD is trading at $44,756, with an increase of +2.03%.

BTC has recovered its previous losses and is trading at a monthly high.
If the altcoin wants to stay green, it has to cross the $45000 level.
KPMG Canada adds BTC and Ethereum to its corporate balance sheet.

BTC fundamental forecast

Bitcoin has lately returned above $40,000, much to the delight of investors. Given how low the cryptocurrency market fell following the market meltdown, this has been a long time coming. Nevertheless, it is a key juncture on the path to another bull run.

A Fed-fuelled rally

Bitcoin surged beyond $43,000 on Monday, erasing almost 30% of the fall since November. Bitcoin saw its greatest single-day rise since mid-June as expectations of faster-than-expected Fed rate hikes fueled inflation. Still, the cryptocurrency was also stirred up by technical innovation.

Down the balance sheet

The accountancy firm’s Canadian arm recently stated that it had made direct investments in Bitcoin and Ethereum, joining a rising trend of investment firms, including MicroStrategy, Square, and Tesla who are adding crypto to their portfolios.

Free BTC, how?

FTX, the crypto exchange, has announced that it will give away free Bitcoin to its supporters as part of an ad campaign for Super Bowl LVI on February 13.

The campaign is part of FTX’s goal to acquire a more substantial brand presence among mainstream sports enthusiasts, especially given that the Super Bowl is the most-watched sporting event in the US.

What’s next?

The crypto market’s sentiment significantly improved over the weekend, as Bitcoin has also broken out of a downturn that began in October. Within the last year, Bitcoin has broken out of two identical downtrends.

Crypto markets jumped overall on Monday. Bulls can look to keep moving upwards; however, the altcoin volume is still lower than in January. So, we could see the sentiment shifting either way.

BTC technical analysis: Rallying up?

The Bitcoin price acquired strong momentum after closing above $40,000 for the first time. BTC even broke through the $42,000 barrier level to go further into the green.

The current rising trend has gathered traction over the $43,000 barrier. Finally, the price surpassed $44,000. The price has made a high at $44,528 and is presently consolidating gains.

A decisive break over the $45,000 resistance level might fuel more gains. The price might surge to the $46,500 barrier level in the scenario mentioned above.

If Bitcoin does not begin a new uptrend over $44,500, it may trend downward. On the downside, immediate support is $43,750, which might develop into $43000.

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Adnan Rehman

Regional Market Analyst

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