Bitcoin on February 20 – $2 billion in 7 days for BTC


A major breakthrough. According to whistleblower Edward Snowden, Bitcoin is a major breakthrough for humanity. Indeed, as a fervent defender of freedoms, he favors the king of cryptocurrencies.

The price of Bitcoin closed last week around $52,000, marking a fourth week in a row in the green. Capital seems to continue to flow into the king of cryptocurrencies. It’s Bitcoin Newsletter time!

Bitcoin price falls slightly in 24 hours

Yesterday, sellers managed to make drop the price slightly towards $51,000. However, the price of Bitcoin is already return around $52,000. BTC shows a slight drop in 24 hoursbut it remains up 4% in one week :

Bitcoin price falls slightly in 24 hours - February 20, 2024.
Bitcoin performance against different pairs. Source: Coincheckup

In three months, BTC is in increase of more than 40%. At the same time, the BTC/ETH pair drop of 1% in 24 hours and almost 6% in one week. Ethereum could launch a cycle of outperformance after several months of decline against Bitcoin.

Capital is flowing into the king of cryptocurrencies

THE last CoinShares report is without appeal: $2.45 billion in inflows have been recorded on investment products linked to cryptocurrencies. There rise known in recent weeks seems to have gave operators confidence. In fact, this makes three weeks in a row that crypto-related investment vehicles record entries of capital:

Cryptocurrency-related investment products recorded inflows of $2.45 billion - February 20, 2024. Cryptocurrency-related investment products recorded inflows of $2.45 billion - February 20, 2024.
Weekly inflows and outflows on cryptocurrency investment products Source: CoinShares

The CoinShares head of research indicates that in total, 5 billion dollars were dumped on the investment vehicle since the beginning of the year. Almost all of these influxes are directed to the king of cryptocurrencies. Indeed on the $2.45 billionETH attracts $21 million. A few weeks from Bitcoin halvingthe operators seem to have chose their side.

Bitcoin price must maintain support at $50,500

For the moment, buyers are having difficulty getting sellers to give in at the level of $52,500but they respond present at the level of the institutional bias (EMA 9/EMA 18) bullish. Buyers must defend the level of support located at $50,500 :

Bitcoin price must maintain support at $50,500 – February 20, 2024. Bitcoin price must maintain support at $50,500 – February 20, 2024.
Bitcoin price against the dollar (4H)

Indeed, if the support is preservedbuyers have the opportunity to push the price towards the next strong resistance located at $57,500. On the other hand, if the support at $50,500 is broken, a back to $47,500 is possible. For the moment, the price maintains a bullish momentum, buyers have the advantage. The RSI displays a bearish dynamics under the bearish trendline for a few days. A break of the trendline and a resumption of bullish momentum could cause bullish volatility.

The price of Bitcoin continues to attract capital at the start of 2024. The CoinShares report indicates a third week in a row of inflows, this time with no less than $2.45 billion in inflows. The price is currently stuck around $52,000, but it maintains upward momentum in the short and medium term. If the trend continues, BTC could head towards the next resistance located at $57,500. For its part, Ethereum displays solid weekly momentum, and the price is approaching $3,000.

BITCOIN NEWS THAT COUNTS



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