After a robust two-week surge, Bitcoin appears to be pausing around the $52,000 mark. Despite attempts by bears to initiate a correction, bullish momentum remains resilient. Factors such as robust equity markets, anticipation surrounding the upcoming halving event, and significant inflows into spot Bitcoin exchange-traded funds are expected to mitigate potential downside risks. Analysts are closely monitoring these ETF inflows to gauge Bitcoin’s next trajectory. Overall sentiment in the crypto market remains positive, particularly as Bitcoin maintains its position above the $50,000 threshold. During this consolidation phase for Bitcoin, short-term traders may shift their focus towards altcoins showing signs of strength for potential trading opportunities.

At the time of writing BTC was trading at $51,490

BITCOIN after giving a range breakout above $28,500 witnessed a sharp rally and the prices surged up to $48,969. The asset was facing resistance around $48,000 and corrected to $38,555. Post this move, BTC made a ‘Hammer’ candle at $38,000 and resumed the up move by forming a ‘Higher High Higher Low’ pattern. Last week, the bulls successfully broke the resistance of $48,000 and the prices rallied above the $50k mark and made the high of $52,985. Currently, Bitcoin is consolidating between $50,500 and $52,500 with declining volumes. Hence to further rally, the asset needs to close and sustain above the key resistance level of $52,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.$44,000$48,000BTC$52,500$56,000

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Filed under: Bitcoin - @ February 26, 2024 11:15 am