Greed

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) spawned flash volatility at the Feb. 20 Wall Street open as a classic “fakeout” burned traders.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/94c7c581-8545-4923-87e4-e51ffba9220f.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-sellers-quickly-snuff-out-53-000-push">Bitcoin sellers quickly snuff out $53,000 push</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> followed BTC price action as it briefly pierced $53,000 before rejecting.
That rejection was strong, with BTC/USD giving back its entire day’s gains in under two hours, bottoming at $51,400.
At the time of writing, a modest recovery saw $51,700 as the focus. 
Bitcoin futures open interest, a classic volatility catalyst, which hit its <a href="https://cointelegraph.com/news/btc-price-52k-cme-bitcoin-futures-oi-record">highest levels in 26 months</a> at the start of the week, remained at over $22.5 billion, per data from <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener nofollow">CoinGlass</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/30fb94e2-5d90-462c-80b6-2d68237ff187.png">
 <figcaption style="text-align: center;">
 Bitcoin futures open interest (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Reacting to the failed attempt to breach $53,000, popular trader Jelle told X subscribers to zoom out.
<blockquote class="twitter-tweet">
 And just like that, the lower-timeframe charts do not look very exciting anymore. You have two options: - Choose to let the LTF chart shake you out - Ignore the noise, and stick to your long term plan. What's it going to be?<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/uGNfn3LV60">pic.twitter.com/uGNfn3LV60</a>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1759959251982721234?ref_src=twsrc%5Etfw">February 20, 2024</a>
</blockquote> 
“The trend remains to be upwards. This doesn’t mean that we are having an upwards trend in one-go,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, <a href="https://twitter.com/CryptoMichNL/status/1759953327314419984" target="_blank" rel="noopener nofollow">continued</a>. 
Like others, van de Poppe referenced inflows to the spot Bitcoin exchange-traded funds (ETFs), which, due to a public holiday in the United States, only reopened for business on Feb. 20.
As <a href="https://cointelegraph.com/news/bitcoin-etf-flows-ether-price-reclaim-3k">Cointelegraph reported</a>, Bitcoin has gained as the ETFs accrue BTC, with some traders adding exposure ahead of the Wall Street open in an attempt to capitalize on potential upside as a result.
“Similarly, the ETF inflow isn’t going to push Bitcoin’s price to $100K in 2 months,” van de Poppe nonetheless reasoned.
<blockquote data-ct-non-breakable="true">
 “Corrections do happen and with the current sentiment, they’ll be nasty and short-lived.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/2e9b2a12-b1b7-4c54-bf7c-67d166676ee2.png" alt="" title="">
 <figcaption style="text-align: center;">
 Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me
 </figcaption>
</figure>
Per data from the <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">Crypto Fear &amp; Greed Index</a>, “greed” is what currently characterizes the mood among crypto traders en masse. As <a href="https://cointelegraph.com/news/open-interest-echoes-69k-btc-price-5-things-bitcoin">Cointelegraph noted</a>, the index recently hit its most “greedy” since just before Bitcoin hit its $69,000 all-time highs in Q4 2021.
<h2 id="analyst-s-favorite-btc-price-metric-channels-2020-breakout">Analyst’s “favorite” BTC price metric channels 2020 breakout</h2>
In an encouraging case of déjà vu, meanwhile, a historically accurate bull market indicator is giving fresh signals that more BTC price upside is due.
Related:&nbsp;<a href="https://cointelegraph.com/news/ethereum-eth-price-hits-3k-for-the-first-time-since-2022">Ethereum (ETH) price hits $3K for the first time since 2022</a>
As noted by Caleb Franzen, senior market analyst at Cubic Analysts, the Williams %R Oscillator is repeating behavior seen just before Bitcoin first broke through $20,000 in late 2020.
A support retest looks to have been successful, he shared on X on the day, paving the way for potential continuation.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> just completed an A→B→C thrust for the 2-year Williams%R Oscillator (one of my favorite <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> indicators). A: break above overbought B: fall below overbought C: break above point A The last time this happened was in October 2020, before price gained +390% in 6 months. <a href="https://t.co/i5yjvQ2yGb">pic.twitter.com/i5yjvQ2yGb</a>— Caleb Franzen (@CalebFranzen) <a href="https://twitter.com/CalebFranzen/status/1759917293331513546?ref_src=twsrc%5Etfw">February 20, 2024</a>
</blockquote> 
As Cointelegraph reported, Franzen also used the oscillator as the basis for calling <a href="https://cointelegraph.com/news/btc-price-metric-which-cued-biggest-bitcoin-bull-runs-brakes-out-at-23k">the end of the 2022 bear market</a>.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price spikes to $53K, but resistance catches up with Bitcoin bulls

목차

Cointelegraph

2024년 2월 20일에 게재된 다른 기사

At the beginning of 2024, Beosin has obtained ISO 27001 certification after SOC 2 certification

Render Price Prediction: Will Bulls Stretch Rally Towards $10?

MetaMask boosts security with alerts for 30M users on major chains

Ethereum Price Prediction: ETH Soars 18% In February On Optimism For Ethereum Dencun Upgrade And ...

Potensi Cuan Kripto BlockDAG, Polkadot dan Cogwise

Crystal CEO foresees boom with Bitcoin ETF adoption

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!