Bitcoin (BTC) price flashed above $47,000 on Jan. 3, levels last seen in April 2022 fueled by the spot Bitcoin ETF buzz.

The largest cryptocurrency by market capitalization currently trades at $46,835, up 6.5% over the last 24 hours as $87 million short positions are liquidated.

The last time Bitcoin traded above $47,000 was nearly 20 months ago on April 3, 2022, when Bitcoin reached a high of $47,458 before descending into an enduring bear market that saw Bitcoin fall as low as $15,600.

BTC's bullishness is driven by the eagerness the market has for the U.S. Securities and Exchange Commission's (SEC) potential approval of one or several of the spot Bitcoin ETF applications, whose fate could be known on Jan. 10.

Data from Coinglass shows short-position liquidations for Bitcoin accompanying the price surge. According to the cryptocurrency futures market data platform, short-position liquidations for Bitcoin topped $87 million over the last 24 hours. Total crypto short liquidations amounted to more than $204 million

Crypto liquidations chart. Source: Coinglass

It is expected that the fresh round of bullish price action will continue and any news surrounding a spot Bitcoin ETF approval.

The push toward $47,000 pushed BTC above an ascending triangle whose price target is set at $49,300. On reaching this target, bulls may be bolstered to push the price toward the $50,000 mark and thereafter make a go at the all-time highs of $69,000.

BTC/USD Daily Chart

This positive outlook was supported by the upward-facing moving averages and the northward movement of the moving average convergence divergence indicator.

This trend-following oscillating indicator had sent a call to buy Bitcoin on the daily chart. This happened on Jan. 7 when the 12-day EMA crossed above the 26-day EMA suggesting that the market conditions had shifted in favor of the upside.

The $44,000 psychological level and the 50-day EMa at $41,692 are key to watch on the downside.