Bitcoin (BTC) price hovers above $46,000 at the start of the “long” year, facilitating ETF sell-offs.

Bitcoin (btc) Bitcoin's value surpassed $46,000 early Friday, as the CoinDesk 20 (CD20) index, a measure of the largest cryptocurrencies, jumped more than 2%.

The largest cryptocurrency by market cap reached a one-month high, as East Asia kicked off its biggest celebration of the year, marking the start of what is believed to be one of the luckiest periods according to the Chinese zodiac.

In Mandarin Chinese, the word dragon is pronounced similarly to “long”, meaning reinforcement Memetic value Among crypto traders.

Bitcoin could rise to as much as $48,000 in the coming days, as assets historically show gains during the Chinese New Year period, 10X Research reports. he said in a note ThursdayHe expected a profit of at least 11%.

The asset has added nearly 15% in the past two weeks, mitigating losses as anticipated exchange-traded funds (ETFs) turned into a selling event for the news, data showed. The rally came to its highest level since January 12 with the S&P 500 and Nasdaq-100 hitting all-time highs on Thursday.

Since then, several ETFs have absorbed over $1 billion worth of Bitcoin selling pressure in the past few weeks, indicating demand.

Elsewhere, on-chain analysis firm CryptoQuant said in a note on Thursday that Bitcoin movements out of mining wallets – indicating selling – appear to be slowing.

Meanwhile, some traders said Bitcoin's recent price action has led to fears of further selling, pointing to strength in the weekly moves.

“Bitcoin rose above its 50-day moving average late Wednesday, confirming the medium-term uptrend and alleviating fears of a deeper correction,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email to CoinDesk. . “On a weekly basis, Bitcoin and the broader cryptocurrency market have gained strength after a long period of consolidation, and are now on the verge of achieving new highs.”