Coin bulls flirt with a price goal of $69K BTC as the market gets closer to $2 trillion
Written byRock Buivy
Post Date: 16 Feb, 24
Even before Wall Street, the price of bitcoin seems unstoppable, greeting Bitcoin bears with heights not seen since late 2021.
On February 14, Bitcoin reached new two-year highs as bulls were treated to a Valentine’s Day surprise.
Bulls market in bitcoin surge above $51,000
Markets Pro and TradingView data showed that the price of bitcoin made a strong recovery from its $48,400 lows the day before.
In addition to erasing its immediate 4% losses, Bitcoin reached new all-time highs during the Asia session, and as of this writing, it was headed towards $52,000.
In a typical bullish move, the price of BTC/USD increased by $1,000 in a single hourly candle, and the total market value of cryptocurrencies approached $2 trillion as a result of Bitcoin surpassing $1 trillion.
Popular trader Skew revealed a continuous resistance/support flip on the four-hour chart by analysing the low-timeframe setup.
He stated that the relative strength index (RSI) score and exponential moving averages (EMAs) were the key trendlines to monitor.
In a portion of his most recent post on X (previously Twitter), he stated, “I think so far this trend is fairly straightforward as long as the market sustains current bullish momentum.”
In addition to the RSI for momentum with the current trend, 4H EMAs will offer obvious and succinct trend confirmations when the trend’s evident momentum is gone. Daily and weekly open are frequently the key closes associated with these tendencies.
Skew also mentioned on Binance that institutional inflows via the US spot Bitcoin exchange-traded funds (ETFs) had been trailed by spot buyer interest.
These are gaining pace, with the nine ETF providers buying up an increasing amount of Bitcoin every day.
All data out for 13th Feb. Very strong day, with $631m positive net flow over all providers. Huge day for Blackrock at +$493m pic.twitter.com/F1abDO6OUZ
From a longer-term perspective, well-known trader and analyst Rekt Capital proposed that all of this was consistent with historical bull markets for Bitcoin.
He informed X followers this week that the timing of the Bitcoin price recovery towards all-time highs was “right on schedule.”
Rekt Capital drew parallels to 2020 and highlighted the cathartic effect of the block subsidy halving, noting that the price of Bitcoin/USD typically starts a "pre-halving rally" two months before of schedule.
The virtual Bitcoin (vBTC) has been a fascinating phenomenon in the digital asset landscape, mirroring the price movements of its real-world counterpart, Bitcoin (BTC), within the metaverse.
In recent weeks, vBTC has garnered attention for its price performance, which many enthusiasts and analysts have described as being “right on schedule.”
This phrase encapsulates the precision with which vBTC has followed the patterns and rhythms of Bitcoin’s price trajectory, providing a seamless virtual reflection of its real-world counterpart.
Just as Bitcoin’s price has experienced its characteristic ebbs and flows, vBTC has faithfully mirrored these movements within the virtual realm.
Whether it’s the thrill of rapid surges or the anxiety-inducing dips, vBTC has synchronized its price action to maintain a parallel narrative to Bitcoin’s market dynamics.
This alignment has not only added an intriguing layer to the virtual economy but has also underscored the interconnectedness between the real and virtual worlds in the realm of digital assets.
The “right on schedule” performance of vBTC speaks volumes about the sophistication of virtual economies and the intricate mechanisms at play within them.
Bulls market
It highlights the intricate algorithms and market dynamics driving the price movements of digital assets within the metaverse, showcasing the potential for virtual currencies to mirror and amplify the behaviors observed in traditional financial markets.
As vBTC continues to evolve and adapt to the nuances of the crypto space, its synchronized performance with Bitcoin serves as a testament to the growing integration of virtual and real-world economies.
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Written by
Rock Buivy
Over the years, I've dedicated countless hours to researching and analyzing various crypto betting platforms, understanding their features, strengths, and weaknesses. This knowledge has allowed me to produce in-depth, well-rounded reviews that help users make informed decisions when it comes to choosing the right platform for their needs.
