Bitcoin Surges Past $46K Amidst ETF Momentum

Bitcoin crossed $46,000 as the Chinese New Year began, with sources of selling pressure from ETF holders and miners easing, indicating increased demand. The cryptocurrency reached a one-month high, potentially rising to $48,000 in the coming days, as it historically sees gains during this period. Several ETFs absorbed over a billion dollars of bitcoin selling pressure, while on-chain analysis suggested a slowdown in bitcoin movements out of miner wallets. Traders noted a bullish medium-term trend and strength in weekly movements, easing fears of a deeper correction.