After weeks in a bearish cycle, Bitcoin (BTC) price began a steady rise above the $45,000 resistance. The largest cryptocurrency recently reached the $47,000 level. Bitcoin’s rise in recent days ends the price drop recorded after the approval of spot exchange-traded funds (ETFs) on January 11.

Renowned cryptocurrency analyst Ali Martinez shared an analysis that revealed that the price of Bitcoin has issued a rare “Super Trend” that is giving a “buy” signal on the monthly charts, which could take the major cryptocurrency to new levels.

“Super Trend has just issued a buy signal on the monthly #Bitcoin chart, a tool known for its accuracy in predicting $BTC bull markets. The four buy signals issued since BTC’s inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%, respectively,” he stated.

Bitcoin outflow from exchange

In another analysis, Ali Martinez noted that more than 25,305 Bitcoins were withdrawn from the wallets of known cryptocurrency market exchanges in the last two weeks. This equates to around $1.11 billion worth of Bitcoin, according to the analyst.

The analyst further highlighted that, according to the Bitcoin liquidation heatmap, “there is a potential strategy unfolding where liquidity hunters could drive the price of $BTC down to $45,810. This measure aims to trigger settlements worth 54.73 million dollars!”

At the time of publication, the price of Bitcoin was quoted at US$47,356.03, up 6.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$27,749,295,664. In the last seven days, the price of Bitcoin has increased by 10.2%.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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