April 19, 2024
Bitcoin Hits $51,694 Amid U.S. Holiday Dip, Analysts Eye Recovery
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Bitcoin Hits $51,694 Amid U.S. Holiday Dip, Analysts Eye Recovery

Tuesday, February 20, 2024: The price of bitcoin is $51,694, experienced a dip to intraday lows of $51,329 on February 20, coinciding with a public holiday in the United States that limited buy demand. TradingView highlighted the impact of the holiday on the BTC price, which had a floor at $51,776.

The dip occurred following a flat start to the week, with BTC/USD experiencing cold feet after the daily close on February 19. However, a subsequent recovery brought the market back to $52,000. The dip was attributed to Wall Street’s closure on the preceding day due to the President’s Day holiday, resulting in no new inflows into spot Bitcoin exchange-traded funds (ETFs).

These inflows have consistently influenced market sentiment in recent weeks, creating a positive feedback loop as investors attempt to anticipate institutional moves by buying BTC in advance. Material Indicators, a trading resource, noted that the long weekend was expected to allow BTC price action to “simmer down a bit” after recent rapid gains.

Anticipating potential scenarios, Material Indicators outlined lower targets if bears gained control: “If Bitcoin doesn’t bounce from here, consider the door to $51k opened, and if that doesn’t hold, look to $50k then $48.6k for the next levels of support.”

The accompanying chart displayed BTC/USDT order book liquidity on Binance. Despite the intraday dip, the long-term outlook remained unchanged, according to Material Indicators. The fluctuation in BTC price highlighted the influence of external factors, such as public holidays, on cryptocurrency markets, prompting investors to monitor developments closely.

Image by frimufilms on Freepik

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