Bitcoin bulls are attempting to push the price down for a trend reversal above $45,000

Investor sentiment in the crypto market has turned positive as bulls attempt to push the Bitcoin (BTC) price back above the $44,000 support with the help of some positive developments notification Adding BTC and Ether (ETH) to the coffers of Canada-based “Big Four” accounting firm KPMG.

Data from TradingView shows that after swinging around $42,500 early yesterday (February 7), a wave of midday buying pushed BTC price up to $44,500 as traders closed a hasty short order gold position set up.

BTC/USDT daily frame price chart | Source: TradingView

Here’s what some analysts are saying about bitcoin’s action and what could happen next as traders try to capitalize on the surge in price and momentum.

“Good place to close long positions”

The BTC spike has prompted a plethora of bullish claims from crypto holders, while more seasoned traders, including strategist Pentoshi, are taking the opportunity to lock in a profit and reposition for what happens next.

“Execution of the last protests. I’m looking for a final top of $44,000 to $46,300. A good position to close out and re-evaluate long positions in my opinion.”

BTC/USDT 4 hour chart | The source: Twitter

Traders remain bearish on BTC

Analyst Allen Au has provided Details how active traders are feeling about this recent move in BTC and outlines the impact of yesterday’s price action on the futures market.

Total Liquidation Amount and Futures Funding Rate | Source: Twitter

As shown above, $71 million worth of bitcoin shorts were liquidated along with a drop in open interest (OI), Allen Au believes it is a “short squeeze” that could continue to push the price higher.

“Perpetual futures funding rate is negative even though BTC broke above $44,000. Traders are still bearish on BTC,” Allen Au further explained.

Allen Au has marked Bitcoin’s next major resistances at $44,500, $46,500 and $47,500.

$45,000 signals a possible trend reversal

A look at Bitcoin’s long-term price action provided by analyst Sheldon The Sniper, who post The chart below shows that BTC has returned to an uptrend since late 2020.

“$45,000 would give us the first major high and would be a great sign of an eventual trend reversal.”

BTC/USDT daily frame price chart | The source: Twitter

A slightly different take on long-term BTC price action comes from analyst TechDev, who recommend that “Bitcoin has been correcting/consolidating for almost a year”.

“Maybe in a horizontal line, maybe turn into a triangle. Ready for a big rally.”

BTC/USDT monthly frame price chart | The source: Twitter

The total crypto market cap is currently $2,010 billion and Bitcoin’s dominance is 41.4% according to CoinMarketCap.

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