The period of BTC inactivity appears to have come to an end, at least momentarily, with the cryptocurrency marking significant increases twice within the last 48 hours. Bitcoin has surged by over three thousand dollars during this period, while daily liquidations have rocketed to over $125 million. This surge comes after a significant drop following the U.S. SEC’s approval of nearly a dozen spot Exchange-Traded Funds (ETFs) on January 10, and particularly after these ETFs became available for trading the following day. The recent recovery in the market hints at a pre-halving bullish rally and BTC price might aim for $50K in the coming days, significantly plunging market interest on altcoins.

BTC 的不活跃期似乎已经结束，至少暂时结束，该加密货币在过去 48 小时内两次大幅上涨。在此期间，比特币已飙升超过 3000 美元，而每日清算额已飙升至超过 1.25 亿美元。在美国证券交易委员会于 1 月 10 日批准近 12 只现货交易所交易基金 (ETF) 后，特别是在这些 ETF 于第二天开始交易后，股价大幅下跌。最近市场的复苏暗示着减半前的看涨反弹，比特币价格可能在未来几天达到 5 万美元，从而大幅降低市场对山寨币的兴趣。

Bitcoin’s Market Dominance Skyrockets

Bitcoin began its surge yesterday, reaching $45,000 for the first time in a month since the ETF approvals. The next 12 hours have also shown a promising trend, with the cryptocurrency soaring to another monthly peak of over $46,000.

比特币的市场主导地位飙升比特币昨天开始飙升，自 ETF 获批以来一个月内首次达到 45,000 美元。接下来的 12 小时也显示出令人鼓舞的趋势，加密货币飙升至超过 46,000 美元的另一个月度峰值。

The sharp rise in Bitcoin’s value led to an abrupt and widespread liquidation of positions, totaling nearly $125 million. These liquidations primarily affected leveraged traders who were betting on different market movements, triggering an intense volatility in the market. Coinglass data reveals that the total crypto market liquidation surpassed $123 million, with short-positions worth of $90 million were closed. This has resulted in a surging buying confidence, with BTC price triggering nearly $50 million in total liquidation.

比特币价值的大幅上涨导致头寸突然大范围清算，总计近 1.25 亿美元。这些清算主要影响了押注不同市场走势的杠杆交易者，引发了市场的剧烈波动。 Coinglass 数据显示，加密货币市场清算总额超过 1.23 亿美元，其中价值 9000 万美元的空头头寸被平仓。这导致购买信心高涨，BTC 价格引发了近 5000 万美元的总清算。

— Santiment (@santimentfeed) February 9, 2024📈 #Crypto markets are recovering well after the post-#ETF drop 4 weeks ago. #Bitcoin, in particular, has completed its comeback, reaching $46.3K for the first time since January 11th. $BTC social volume is rising, while the crowd shows less interest in $ETH, $DOGE, and $XMR. pic.twitter.com/rcaxdBwCfX

Significantly, Bitcoin’s increasing market dominance has eclipsed that of top altcoins such as ETH , DOGE, and XMR, as reported by Santiment. With Bitcoin’s market share climbing to over 53.5% accompanied by a spike in social media discussions, there’s been a noticeable decline in altcoin dominance, leading to a declined interest in the altcoin sector.

- Santiment (@santimentfeed) 2024 年 2 月 9 日📈 #Crypto 市场在 4 周前#ETF 下跌后正在恢复良好。尤其是#Bitcoin，已经完成了卷土重来，自 1 月 11 日以来首次达到 4.63 万美元。 $BTC 的社交量正在上升，而人群对 $ETH、$DOGE 和 $XMR 的兴趣却在减少。 pic.twitter.com/rcaxdBwCfX 值得注意的是，据 Santiment 报道，比特币日益增长的市场主导地位已经超过了 ETH、DOGE 和 XMR 等顶级山寨币。随着比特币的市场份额攀升至 53.5% 以上，伴随着社交媒体讨论的激增，山寨币的主导地位明显下降，导致山寨币行业的兴趣下降。

The recent rally in Bitcoin has elevated the proportion of profitable addresses to 88.7%, which translates to approximately 46 million addresses. This development is likely to boost investor confidence, prompting more individuals to acquire Bitcoin at its current price levels and thereby softening the resistance levels it faces. Notably, with the uptick in Bitcoin’s value, there’s been a trend of investors pulling their funds from exchanges.

最近比特币的上涨将盈利地址的比例提升至 88.7%，相当于约 4600 万个地址。这一发展可能会提振投资者信心，促使更多人以当前价格水平购买比特币，从而软化其面临的阻力水平。值得注意的是，随着比特币价值的上涨，投资者出现了从交易所撤资的趋势。

Data from IntoTheBlock indicates that Bitcoin’s Netflow has seen a decrease over the past 48 hours, hitting its lowest negative point at -1.91K BTC. This trend of net outflows exceeding inflows, even amidst rising prices, suggests that investors are increasingly inclined to hold onto their Bitcoin rather than sell it for immediate gains. Such behavior is reinforcing Bitcoin’s momentum, setting the stage for a potential surge beyond the $50K threshold.

IntoTheBlock 的数据显示，比特币的净流量在过去 48 小时内有所下降，触及最低负点 -1.91K BTC。即使在价格上涨的情况下，这种净流出超过流入的趋势表明，投资者越来越倾向于持有比特币，而不是为了立即获利而出售它。这种行为正在增强比特币的势头，为突破 5 万美元的潜在飙升奠定基础。

Bitcoin’s Short-Term Target Of $48K

Bitcoin (BTC) is on its way to reaching $48,000 in the near term, triggered by a consistent pattern of gains observed around the Chinese New Year, as per Markus Thielen, head of research at Matrixport and founder of 10x Research.

Matrixport 研究主管兼创始人 Markus Thielen 表示，比特币的短期目标为 48K 美元，受中国农历新年前后观察到的持续上涨模式的影响，比特币 (BTC) 近期将达到 48,000 美元。 10 倍研究。

Thielen highlighted in a report published on Thursday the critical statistical significance of the upcoming days, noting that Bitcoin typically experiences an 11% rally around the Chinese New Year, which begins on February 10 (Saturday). “Over the past nine years, Bitcoin has consistently seen an uptick whenever traders purchased it three days before and sold it ten days after the commencement of the Chinese New Year,” Thielen explained.

Thielen 在周四发布的一份报告中强调了未来几天的关键统计意义，并指出比特币通常会在 2 月 10 日（周六）开始的农历新年前后经历 11% 的上涨。 “在过去的九年里，每当交易者在农历新年开始前三天购买比特币并在农历新年开始十天后出售比特币时，比特币就会持续上涨，”蒂伦解释道。

Peering into the future, Thielen predicts more gains for Bitcoin, drawing on the Elliott Wave theory—a technical analysis method that suggests price movements follow predictable wave patterns. According to this theory, price trends unfold in five phases, with waves 1, 3, and 5 categorized as “impulse waves” that denote the primary trend direction.

展望未来，蒂伦利用艾略特波浪理论（一种技术分析方法，表明价格走势遵循可预测的波浪模式）预测比特币将获得更多收益。根据该理论，价格趋势分为五个阶段，其中波 1、波 3 和波 5 被归类为“脉冲波”，表示主要趋势方向。

Conversely, waves 2 and 4 act as retracements or minor pullbacks within the broader impulsive movement. Thielen points out that Bitcoin has navigated through its wave 4 retracement, dropping to $38,500, and is now on its fifth and final impulse wave of the current uptrend, aiming for a target of $52,000 by mid-March.

相反，第 2 浪和第 4 浪在更广泛的脉冲运动中充当回调或小幅回调。 Thielen 指出，比特币已经度过了第 4 波回撤，跌至 38,500 美元，目前正处于当前上升趋势的第五波也是最后一波冲击波，目标是到 3 月中旬达到 52,000 美元的目标。