Bitcoin surpasses $46,000 and celebrates the start of the Year of the Dragon | CoinDesk JAPAN

• Bitcoin historically rises during Lunar New Year.
• Selling pressure from ETF holders and miners has eased over the past week, and BTC prices have been rising, suggesting there is demand.

Bitcoin (BTC) soared above $46,000 in the early hours of February 9th, with the CoinDesk 20 (a liquidity index that tracks the top tokens by market capitalization) jumping more than 2%.

Cryptocurrency market capitalization has hit a one-month high as East Asia celebrates its biggest festival of the year and the beginning of what is considered the luckiest period according to the Chinese zodiac.

In Chinese (Mandarin), dragon has a similar pronunciation as “long” and is popular among crypto traders.Expectations are high as a meme.

Bitcoin has historically rallied around the Lunar New Year, so it could rise to $48,000 in the coming days, 10X Research said in a Feb. 8 note, pushing for an increase of at least 11%. is predicted.

According to the data, Bitcoin has risen nearly 15% in the past two weeks. Bitcoin exchange-traded funds (ETFs) have risen to their highest level since January 12, as losses from the “sell on news” event have eased, and the S&P 500 and Nasdaq 100 indexes hit new all-time highs on the 8th. are doing.

Since then, multiple ETFs have absorbed more than $1 billion of Bitcoin selling pressure over the past few weeks, showing demand.

Additionally, on-chain analytics firm CryptoQuant said in a note on the 8th that Bitcoin movements from minor wallets, which signifies selling, appear to be slowing.

Meanwhile, some traders said that recent Bitcoin price movements, due to the strength of the weekly movement, dispelled concerns of further selling.

“Bitcoin surpassed its 50-day moving average late on the 7th, confirming a bullish medium-term trend and suggesting further correction,” FxPro market analyst Alex Kuptsikevich said in an email to CoinDesk. “This has allayed concerns that the situation may deepen.” “On a weekly basis, Bitcoin and the broader crypto market are gaining momentum after a long period of consolidation and are now poised to reach new highs.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Rachel Sun/CoinDesk
｜Original text: Bitcoin Crosses $46K as Year of 'Long' Begins, Easing ETF Sell-Off