3 key Bitcoin price metrics hint at BTC gains above $48K

Bitcoin price is up 6.28% over the last 24 hours and hit an intra-day high at $48,200 on Feb. 9. Given this performance, technical indicators, rallying spot Bitcoin ETF shares and on-chain data show that Bitcoin (BTC) has the strength to revisit the post-Bitcoin ETF approval high above $49,000. 

Traders say the Bitcoin SuperTrend indicator shows a rare buy signal

Bitcoin’s monthly chart shows that the SuperTrend indicator flashed a bullish signal when it reversed from red to green and moved below the price at $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 (ATR) in its calculations, which helps traders identify market trends.

Previous confirmations from the indicator were followed by a 1,336%, 1,9384%, and 713% rally from Bitcoin in 2013, 2017 and 2021.

According to the indicator, as long as the index is green and stays below the price, the price momentum tends to favor traders with a bullish bias.

Spot Bitcoin ETF shares continue to rally

As Bitcoin price climbed above $47,000 on Feb. 9, Bitcoin ETF shares gained approximately 4% on average.

Global X Blockchain & Bitcoin Strategy ETF, BITS, gained the most, rising 6.6% over the last 24 hours, according to data from Coinglass.

In terms of spot Bitcoin ETF flows, BlackRock’s iShares Bitcoin Trust (IBIT) maintains its top position in fund inflows with a total of $3.23 billion as of Feb. 8, per Bloomberg data.

The Fidelity Wise Origin Bitcoin Fund (FBTC) comes in second with inflows totaling $2.8 billion. Bitwise Bitcoin ETF (BIBT) and ARK 21Shares Bitcoin ETF (ARKB) come third and forth with $696 million and $695 million in total inflows as of Feb. 8.

A key thing to note is that the total inflows for BTC ETFs have been greater than net outflows from Grayscales Bitcoin Trust’s GBTC for nine days in a row.

Yesterday the Spot #Bitcoin ETFs saw $403m net inflows.

While Grayscale sold only ~$100M worth of BTC.

It's not a good idea to be bearish right now imo. pic.twitter.com/1vlFcJExJ3

— The DeFi Investor (@TheDeFinvestor) February 9, 2024

This increase in the price of Bitcoin ETF shares and the positive netflow come when the Bitcoin price movement is expected to lead to a bull run.

Related: Bitcoin price nears $45.5K as altcoins tease ‘historic breakout’

Bitcoin finds support in the $42,500 zone

Data from IntoTheBlock shows Bitcoin finding support around the $42,500 demand zone. TheIn/out of the Money Around Price (IOMAP) model, which shows information for addresses that bought an asset within a certain price range, shows that this level lies in the $41,526 to$42,942 price range, where approximately 1.01 million BTC were previously bought by roughly 2.61 million addresses.

When viewing the BTC/USD daily chart, one will note that this is where the 50-day exponential moving average (EMA) currently sits, making it a strong line of defense for the bulls.

From a technical standpoint, the relative strength index maintained its upward trajectory and the price strength at 71 supported the buyer’s dominance in the market.

In the short term, traders appear to be placing their Bitcoin price targets in the $48,000 to $50,000 zone.

Other factors driving Bitcoin’s upside in 2024 include the influx of institutional investors and the halving event expected in April of this year.

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.