BTC Price Cancels 20% ETF Dip, Bitcoin Trader ‘Sees $50K Soon’
Bitcoin (BTC) headed for new two-year highs at the February 12 Wall Street open on renewed optimism from institutional buying.
BTC price strengthens below key resistance.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action sending assets above $49,000.
The previous daily close saw the highest level in a month, with bulls initially managing their own $48,800 before pushing the market $1,000 lower in the coming hours.
With so much opposition, the battle between buyers and sellers was the main talking point.
Popular trader and educational content creator Mac on X to his followers “$BTC reinforcement”
“Last time I saw something like this, we were blown away. I recently saw $50,000.
Meanwhile, fellow trader Jelle pointed out that BTC/USD was already in a prime position to resist all-time highs, now at $20,000.
“Historically, it doesn't take long for #Bitcoin to reach the other end of this range,” he told Charts.
“Is this time different?”
According to Cointelegraph, some are cautiously approaching the $50,000 topic, including Keith Allan, co-founder of Trading Tools Indicators.
BTC/USD wrote in a post on February 12 that it is good to retest the support, but traders should not take the consolidation situation as a given.
“While I think it would be healthy to see #Bitcoin support again, confirm the R/S flip and lay the groundwork for another leg up, we should also prepare for the opposite,” he concluded.
“There's a lot of sentiment around $50k and if the price can break the golden pocket (.618 Fib), you can't ask for much more liquidity than that for the price to drop. If so, shorts will be hella squeezed.”
Alan referenced the 0.618 Fibonacci retracement level at $48,300, measured against 2021 all-time highs.
Bitcoin ETF increases the price of oil
Meanwhile, interest in US Bitcoin exchange-traded funds (ETFs) has been rising since the week's launch.
Related: The Best Weekly Closes Since 2021 — 5 Things to Know in Bitcoin This Week
Earnings saw their second-best day of a week earlier, earning more than $400 million in a single day among nine productions on February 9.
The latest crypto research firm Arkham puts the February 12 flow from Grayscale Bitcoin Trust (GBTC) at 2,900 BTC ($140 million).
“Flows out of $GBTC are relatively low,” commented trader Diane CryptoTrades, noting that ETF flows have been positive for 11 consecutive days.
Today's #Bitcoin sent in $GBTC/Grayscale comes out to be worth ~2.9K$BTC or ~$138M.
The outflow from $GBTC is relatively low.
Friday's net ETF inflows saw a sharp increase of +$541M. The second big day.
This makes for 11 consecutive positive days of net income. pic.twitter.com/BZVTCQbXh7
— Daan Crypto Trades (@DaanCrypto) February 12, 2024
As reported by Cointelegraph, ETFs alone are raising hopes that BTC could push price action and create new all-time highs in the coming months.
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.
