Bitcoin (BTC) has been on a tear, rising more than 10% this week. This shows that traders are urgently scrambling to buy Bitcoin as they anticipate the price to rally further. CoinShares data shows that investors have pumped in more than $1.44 billion into Bitcoin investment products in the past ten weeks.

The expectation is that the approval of a spot Bitcoin exchange-traded fund (ETF) will attract huge investments. Animoca Brands CEO Robby Yung, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could generate a potential income of “$10 to $12 billion.”

Daily cryptocurrency market performance. Source: Coin360

While long-term investors have been accumulating Bitcoin, the short-term holders (STHs) holding coins for 155 days or less have been busy booking profits in December. CryptoSlate research and data analyst James Van Straten, while sharing a Glassnode chart on X (formerly Twitter), said that STHs in profit sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

Could Bitcoin continue its up-move and reach $48,000, or will profit-booking set in? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been in a strong uptrend. The momentum picked up after the bulls catapulted the price above $40,000. The minor resistance at $41,160 has been cleared with ease.