Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-bounces-back-from-key-support-level/" data-wpel-link="internal">Bitcoin Bounces Back from Key Support Level</a><br></p>
<p style="text-align: justify">With a market value exceeding 1 trillion dollars, <strong><a href="https://en.coin-turk.com/bitcoin-analyst-benjamin-cowen-warns-of-a-downtrend/" data-wpel-link="internal">Bitcoin</a></strong> (BTC), the most prominent cryptocurrency, is currently bouncing back from an important support level at $50,800. Weakening demand has kept Bitcoin below the liquidity-rich level of $53,000, leading to price declines.</p> 
<h2 id="bitcoin-s-retest-zone">Bitcoin’s Retest Zone</h2> 
<p style="text-align: justify">However, with this key support holding, bulls may have another chance to attempt a breakout towards $58,000, known as the pre-halving rally. Bitcoin gained some strength from the support at $50,800 following Trump’s comments, but the upward trend seems to be weakening above $51,000.</p> 
<p style="text-align: justify">Positioned below the 20-day Exponential Moving Average (EMA) and the 50-day EMA, the leading cryptocurrency <strong>BTC</strong> could cause volatility with more downward movement expected towards the weekend. If the decline continues, the <strong>Bitcoin</strong> price could drop to retest the $50,800 support. Breaking this area could be detrimental not only for BTC but also for <strong>altcoins</strong> that may face further retracements.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-318874 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-3.png" alt="" width="2048" height="1098"></p> 
<h2 id="etf-data-on-btc">ETF Data on BTC</h2> 
<p style="text-align: justify">The impressive performance of Bitcoin <strong>ETFs</strong> over the past few weeks is a factor that must be considered before calling Bitcoin’s next major pullback. SoSoValue’s ETF data could indicate a massive inflow of $5.39 billion in cumulative total net entries, with a daily total net entry of $251 million coming in on Thursday.</p> 
<p style="text-align: justify">Nevertheless, the better performance of ETFs could mean that sentiment is positive among both institutional and individual investors. Those with a long-term view on Bitcoin, considering the upcoming halving, may not prefer to sell due to downturns. Therefore, as both short-term and long-term positions are taken by crypto analysts and investors, pullbacks could increasingly become more profitable.</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-from-key-support-level/" data-wpel-link="internal">Bitcoin Bounces Back from Key Support Level</a></h5>

Bitcoin Bounces Back from Key Support Level

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