Bullish Bitcoin Flirts with $69K as Crypto Market Approaches $2T

Bitcoin reached new highs on February 14, surprising bullish investors on Valentine’s Day. After hitting a low of $48,400 the day before, the price of Bitcoin made a strong comeback during the Asian trading session. It not only recovered its previous 4% losses but also reached long-term highs. At the time of writing, Bitcoin was on track to hit $52,000. In just one hour, BTC/USD added $1,000 to its value. The overall cryptocurrency market cap approached the $2 trillion mark, with Bitcoin’s market cap surpassing $1 trillion.

According to popular trader Skew, there is an ongoing resistance/support flip on the 4-hour chart of Bitcoin. He suggested that the key trendlines to watch are the exponential moving averages (EMAs) and the relative strength index (RSI) score. Skew believes that the current bullish momentum is quite clear and that the 4H EMAs and RSI readings can confirm and track this trend. He emphasized the importance of daily and weekly open prices as indicators of trend reversals.

Skew also pointed out that on Binance, there has been significant interest from spot buyers who are anticipating institutional inflows through United States spot Bitcoin exchange-traded funds (ETFs). This is in line with the growing popularity and demand for these ETFs, as multiple providers continue to buy BTC on a daily basis.

Another popular trader and analyst, Rekt Capital, stated that the current BTC price recovery is following the patterns of classic bull markets for Bitcoin. He mentioned that the timing of the recovery is “right on schedule,” noting that Bitcoin tends to start a “pre-halving rally” about two months before the halving event. The next halving is expected to occur in mid-April.

Bitcoin’s recent price movements have been positive for bullish investors, with the cryptocurrency reaching new highs and the overall market cap for cryptocurrencies growing rapidly. Traders are closely monitoring the trendlines and momentum indicators to confirm and track the ongoing bullish momentum. The anticipation of institutional inflows through Bitcoin ETFs is also contributing to the positive sentiment.