Technical analysis by MarkEliza about Symbol BTC: Sell recommendation (2/8/2024)

Data from Cointelegraph Markets Pro and TradingView tracked ongoing strength in BTCUSD , which built on the previous day’s gains. The pair was up 2.5% on the day at the time of writing, setting a precedent for strong moves on major altcoins. Concerns had centered on the role of leveraged traders in sparking the upside, with open interest increasing by nearly $1 billion in less than 24 hours on Bitcoin alone. Despite this, the market looked eager to recoup more of the ground lost during the descent from two-year highs of $49,000 on Jan. 11.