Bitcoin

<p>The TD Sequential indicator, which tracks Bitcoin price, has flashed a sell signal on the 3-day chart recently, a warning sign. This signal has often led to a big Bitcoin price drop, so<a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow"> </a>Bitcoin investors and analysts are paying attention. Negative TD Sequential indicator signals have historically caused Bitcoin price drops of 10%. Traders and investors should take these signs seriously because they suggest Bitcoin’s price will fall.</p><h2 id="header-0">Spot Bitcoin ETF Sees Drop in Net Inflows, Sparking Concerns</h2><p>There are also concerns about the Spot Bitcoin ETF’s rapid growth in buying pressure. Recent trading days saw only $135.6 million in ETF net inflows, indicating a slowdown. The average net inflow was $500 million the week before, but this number is much lower. A drop in buying may indicate that investors are losing faith in Bitcoin assets. This drop in inflows will support the TD Sequential’s prediction.</p><p>Bitcoin gained 0.93% on Tuesday, closing at $52,293. However, early market data for Bitcoin-spot ETFs on February 20 suggested net inflows may drop after the holiday on Monday.</p><p>On February 20, several Bitcoin-spot ETFs saw net outflows, reflecting market sluggishness. The Fidelity Wise Origin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) saw net inflows decrease, while the <a href="https://etfs.grayscale.com/gbtc" rel="noopener noreferrer nofollow">Grayscale Bitcoin Fund</a> saw net outflows.</p><h2 id="header-1">Bitcoin Holds Above Key Averages Amid Market Uncertainty</h2><p>Despite market uncertainty, Bitcoin has stayed above 50-day and 200-day Exponential Moving Averages (EMAs). Moving averages are used to gauge market sentiment, and their upward trend indicates improvement. A break above the recent high of $53,019 could start a new price wave that could reach $55,000.</p><p>On the other hand, a drop below the support level of $51,500 could pave the way for further downside. This $50,500 level emerges as a crucial support level to monitor. Furthermore, the 14-Daily Relative Strength Index (RSI) reading currently stands at 75.66. It indicates that Bitcoin is in overbought territory. This suggests that selling pressure could intensify, mainly if Bitcoin approaches the recent high of $53,019.</p><p>Ultimately, Bitcoin’s price has stayed above key support levels. However, the TD Sequential indicator and the drop in net inflows to Bitcoin-spot ETFs suggest a price drop. Traders and investors should watch key support and resistance levels and market indicators to predict Bitcoin’s price in the coming days.</p>

Bitcoin Price Faces Warning Signal as TD Sequential Indicator Flashes Sell

Table of Contents

BlockchainReporter

Other articles published on Feb 21, 2024

OpenAI Rolls Out GPT-4 Turbo and Debuts Visual AI Tool Sora

Pushd (PUSHD) e-commerce giant leads from the front after more Avalanche (AVAX) & Cardano (ADA) h...

BlockDAG Coin Can Offer 5000% Returns Amid Chainlink Surge and Meme Moguls Presale

Bitget Adds DIMO Token to Its Trading Arsenal, Revolutionizing Vehicle Data Monetization (21 Feb)

Bitcoin’s Key Resistance at $52,400: A Gateway to Gain

Spot ETFs Transform Bitcoin Trading Landscape: US Exchanges Take Center Stage

Join our free newsletter for daily crypto updates!