Bitcoin

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-bounces-back-to-center-of-trading-range/" data-wpel-link="internal">Bitcoin Bounces Back to Center of Trading Range</a><br></p>
<p class="p1" style="text-align: justify"><strong>Bitcoin,</strong> with investors emerging profitable from weekend transactions, moved back to the center of its intraday trading range as the week of February 18 approached its close. Data from TradingView pointed to the $52,000 level as the focal point for Bitcoin price consolidation. The largest cryptocurrency had previously seen its lowest levels in several days on central exchanges, dropping to $50,680.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Following this development, the subsequent hours saw a rapid recovery with an increase of approximately $1,500 in value. Analyzing the week’s movement, popular investor <strong>Skew</strong> pointed out a change in investor behavior in the second half of the Wall Street trading week. Skew explained that spot purchases decreased towards the weekend and since then, there have mostly been buyer-driven declines and jumps:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“So far, we see some spot buyers returning, led by <a href="https://en.coin-turk.com/high-ranking-binance-officials-resign-amid-regulatory-pressure/" data-wpel-link="internal">Binance</a> spot.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-316339" src="https://coin-turk.com/wp-content/uploads/2024/02/skew-tweet-1.png" alt="" width="500" height="573"></p> 
<p class="p1" style="text-align: justify">Meanwhile, according to data from blockchain analytics platform CoinGlass, the open interest (OI) in CME Group’s Bitcoin futures markets reached a record level of $6.8 billion, which was considered an indicator of future volatility.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-316337 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/cme-veri.webp" alt="" width="1423" height="503"></p> 
<p class="p1" style="text-align: justify">In addition, discussing open interest in broader terms, popular investor Daan Crypto Trades noted a deviation when expressed in Bitcoin:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“This 100% rally since October has been healthy in terms of leverage imo. Funding largely maintained a neutral rate, and open interest in Bitcoin terms was lower. Of course, the USD value of the underlying asset increased during this period.”</p> 
</blockquote> 
<h2 id="img-loading-lazy-loading-lazy-decoding-async-class-aligncenter-wp-image-316338-size-full-src-https-coin-turk-com-wp-content-uploads-2024-02-btcusd-grafik-jpg-alt-width-1200-height-813"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-316338 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/btcusd-grafik.jpg" alt="" width="1200" height="813"></h2> 
<h2 class="p1" style="text-align: justify" id="analyst-highlights-key-observations">Analyst Highlights Key Observations</h2> 
<p class="p1" style="text-align: justify"><strong>Skew</strong> mentioned in his remarks that bulls need to maintain upward momentum in Bitcoin’s Relative Strength Index (RSI) in 4-hour time frames towards the weekly close. The 21-period exponential moving average (EMA), currently at the $51,500 level, is also significant.</p> 
<p class="p1" style="text-align: justify">Regarding the process on Binance, the analyst continued his remarks stating that there were notable spot sales related to jumps often seen in profit-taking situations, in terms of spot flows around $52,000 to $53,000:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“From here on in the current uptrend, the key point is seeing sufficient spot demand during declines and absorption at lower levels where limit buys mostly outweigh seller sales.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-316336" src="https://coin-turk.com/wp-content/uploads/2024/02/hyland-tweet-1.png" alt="" width="500" height="607"></p> 
<p class="p1" style="text-align: justify">Another investor and analyst, Matthew <strong>Hyland,</strong> underscored the ultimate support level that must be maintained for the close as below $49,000.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-bounces-back-to-center-of-trading-range/" data-wpel-link="internal">Bitcoin Bounces Back to Center of Trading Range</a></h5>

Bitcoin Bounces Back to Center of Trading Range

Table of Contents

COINTURK NEWS

Other articles published on Feb 18, 2024

MiCA Regulation: Why Is EU Struggling To Lure Crypto Players?

Dibayangi Fundamental Kuat, Harga BTC Siap Cetak ATH Baru 6 Bulan ke Depan

ChainGPT Pad's Weekly Roundup 02.10. - 02.16.

Altcoins Soar with Worldcoin Leading the Charge

DeeStream draws Solana and Ethereum investment after market surge

🎉 FBPay & Club3 Giveaway 100 USDT! 🎉

Join our free newsletter for daily crypto updates!