March 27, 2024
Bitcoin's at $51,775, BTC Bulls Target $69K as Market Nears $2T
Bitcoin price today

Bitcoin’s at $51,775, BTC Bulls Target $69K as Market Nears $2T

Wednesday, February 14, 2024: Bitcoin’s Price is at $51,775, experiencing a remarkable surge to achieve new two-year highs, surprising bullish investors on Valentine’s Day. According to TradingView data, there was a strong rebound from the lows of $48,400 observed in the preceding day. In the Asia session, Bitcoin not only recovered the 4% losses but also continued to gain momentum, approaching the $52,000 mark.

In a characteristic bullish move, BTC/USD saw a $1,000 increase in a single hourly candle, contributing to the overall crypto market cap nearing the $2 trillion mark, with Bitcoin alone surpassing $1 trillion.

Trader Skew analyzed the low-timeframe setup, identifying a resistance/support flip on the 4-hour chart. He emphasized the importance of monitoring exponential moving averages (EMAs) and the relative strength index (RSI) score for trend confirmation. Skew stated, “I think so far this trend is fairly straightforward as long as the market sustains current bullish momentum.”

Skew also observed spot buyer interest in Binance, noting that it anticipated institutional inflows via U.S. spot Bitcoin exchange-traded funds (ETFs). These ETFs have been gaining traction, with daily purchases by the nine providers becoming a notable trend.

Taking a longer-term perspective, trader and analyst Rekt Capital pointed out that Bitcoin’s current price recovery aligns with classic bull market patterns. According to him, the timing of the price surge towards all-time highs is “right on schedule.” Comparing it to 2020, he highlighted the cathartic effect of the block subsidy halving, noting that BTC/USD typically initiates a “pre-halving rally” two months before the halving event. The next halving is expected in mid-April.

The bullish momentum in Bitcoin’s price is further supported by technical analysis, emphasizing the significance of daily and weekly open levels, EMAs, and RSI for trend confirmation. The crypto market’s overall bullish sentiment is evident as Bitcoin contributes to the nearing $2 trillion crypto market cap, with institutional interest growing through spot ETFs.

As Bitcoin continues to make headlines with its impressive rally and reaching significant price milestones, market participants closely monitor key indicators and trends for potential market shifts. The cryptocurrency’s resilience and adherence to historical patterns contribute to a positive outlook for investors and enthusiasts alike.

Image by Tamim Tarin from Pixabay

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