Bitcoin Soars to Two-Year High, Crypto Market Nears $2 Trillion Amid Bullish Behavior and Increase in ETF Interest
Summary:
Bitcoin reached a two-year high on Valentine's Day, resurging from the previous day's $48,400 low with an aim at $52,000. The total crypto market capital neared $2 trillion, with Bitcoin passing $1 trillion itself. According to popular traders Skew and Rekt Capital, this is in line with typical bull markets, hinting at the influential role of block subsidy halving. Meanwhile, US spot Bitcoin ETFs continue to gain traction with increasing purchases happening daily.
Bitcoin (BTC) reached an impressive two-year peak on the 14th of February, providing a surprising Valentine's Day treat to bullish investors. Records from Cointelegraph Markets Pro and TradingView captured the unexpected resurgence of BTC price from the prior day's low of $48,400. During the Asian trading period, Bitcoin not only recovered its sudden 4% loss but also increased its long-standing highs, aiming for a $52,000 mark.
A typically bullish behavior was displayed by the BTC/USD pair, gaining $1,000 within an hour. During this spike, the total crypto market was inching towards $2 trillion, as Bitcoin itself crossed $1 trillion.
Renowned trader Skew delved into the setup of low-timeframes, highlighting a persistent flip between resistance and support on the 4-hour chart. The significant trend indicators, as per him, were linked with exponential moving averages (EMAs) and the relative strength index (RSI) score.
Skew also observed that on Binance, the interest from spot buyers has been surpassing institutional inflows through the US spot Bitcoin exchange-traded funds (ETFs). Despite being in their early stages, these ETFs are gaining popularity, with an increasing amount of BTC being procured by the nine ETF providers each day.
Looking at the broader perspective, Rekt Capital, a well-known trader, and analyst suggested that developments align perfectly with Bitcoin's typical bull markets. The bounce back of Bitcoin price towards all-time highs is "right on schedule," as he explained to his followers this week. Analogous to 2020, Rekt Capital emphasized the powerful influence of the block subsidy halving, pointing out that the BTC/USD pair typically starts a "pre-halving rally" two months prior. The subsequent halving is scheduled for mid-April.
Please bear in mind that this article does not offer any investment advice or recommendations. All transactions related to investment or trading come with their potential risks, and it is advised that readers perform thorough research before making any decisions.
Published At
2/14/2024 1:37:24 PM
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