Bitcoin bulls flirt with $69K BTC price target as crypto market nears $2T
Bitcoin (BTC) hit a new two-year high on February 14 as bulls enjoyed a Valentine's Day surprise.
Bitcoin bulls cost more than $51,000
Data from Cointelegraph Markets Pro and TradingView tracked a strong BTC price pullback from $48,400.
During the Asian session, Bitcoin not only erased its 4% loss, but also extended its long-term highs and was at $52,000 at the time of writing.
Characteristic bullish behavior BTC/USD rose $1,000 on an hourly candle while the total crypto market capitalization of Bitcoin surpassed $1 trillion and reached the $2-trillion mark.
Analyzing the short-term configuration, popular trader Skew has shown persistent resistance/support on the four-hour chart.
He said the main trends to watch include the EMAs and the Relative Strength Index (RSI) score.
In a recent post by X (formerly Twitter), he wrote in part, “As long as the market maintains its current bullish momentum, I think the trend is still straight.”
“4H EMAs provide good short-term trend confirmations along with the RSI to accelerate the current trend and also when the clear current uptrend disappears. The key that often closes with these trends are daily open and weekly open.
On Binance, Skew revealed that spot buyer interest was the leading institutional income through US spot Bitcoin exchange-traded funds (ETFs).
As Cointelegraph continues to report, these interests continue to increase, with more and more BTC being bought daily by the nine ETF providers.
Bitcoin ETF flow
All data is for February 13, a very strong day, with $631m of positive net flow across all suppliers. Big day for BlackRock at $493m pic.twitter.com/F1abDO6OUZ
— BitMEX Research (@BitMEXResearch) February 14, 2024
BTC Price Performance “On Schedule”
Taking a long-term view, prominent trader and analyst Rect Capital suggested that everything is going well for Bitcoin with classic bull markets.
Related: The Best Weekly Closes Since 2021 — 5 Things to Know in Bitcoin This Week
BTC's price recovery time to highs is “on schedule,” he told X followers this week.
Drawing comparisons to 2020, Rect Capital notes the cathartic effects of the halving of block subsidies, with BTC/USD generally starting a “pre-halving rally” two months earlier.
The next half is in the middle of April.
#BTC
Right on schedule $BTC #Crypto #Bitcoin pic.twitter.com/Tue8nMMDUe
— Rekt Capital (@rektcapital) February 13, 2024
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
