Bitcoin bulls flirt with $69K BTC price target as crypto market nears $2T

Bitcoin ( BTC ) hit new two-year highs on Feb. 14 as bulls enjoyed a Valentine’s Day surprise. 

BTC/USD 1-week chart. Source: TradingView

 

Bitcoin bulls charge past $51,000

 

Data from Cointelegraph markets Pro and TradingView tracked a powerful BTC price comeback from $48,400 lows the day prior.

During the Asia session, Bitcoin not only erased its snap 4% losses but added to long-term highs and was on course for $52,000 at the time of writing.

BTC/USD 1-hour chart. Source: TradingView

Characteristic bullish behavior saw BTC/USD add $1,000 in a single hourly candle, while the overall crypto market cap neared the $2 trillion line with Bitcoin's passing $1 trillion .

Total crypto market cap 1-week chart. Source: TradingView

Analyzing the low-timeframe setup, popular trader Skew showed an ongoing resistance/support flip on the 4-hour chart.

The main trendlines to watch, he said, involved exponential moving averages (EMAs) and the relative strength index (RSI) score.

“I think so far this trend is fairly straightforward as long as the market sustains current bullish momentum,” he wrote in part of his latest post on X (formerly Twitter).

“4H EMAs will provide nice concise trend confirmations along with RSI for momentum with current trend, as well when its clear current momentum is lost. Key closes often with these trends are daily open weekly open.”

BTC/USD annotated chart. Source: Skew/X

On Binance, Skew additionally noted that spot buyer interest had been front-running institutional inflows via the United States spot Bitcoin exchange-traded funds (ETFs).

As Cointelegraph continues to report , these continue to gain traction, with more and more BTC being bought up by the nine ETF providers on a daily basis.

Bitcoin ETF Flow

All data out for 13th Feb. Very strong day, with $631m positive net flow over all providers. Huge day for Blackrock at +$493m pic.twitter.com/F1abDO6OUZ

— BitMEX Research (@BitMEXResearch) February 14, 2024

 

BTC price performance "right on schedule"

Taking a longer-term view, popular trader and analyst Rekt Capital suggested that everything was happening in line with classic bull markets for Bitcoin.

The timing of the BTC price recovery toward all-time highs was “right on schedule,” he told X followers this week.

Drawing comparisons to 2020, Rekt Capital noted the cathartic effect of the block subsidy halving , with BTC/USD generally beginning a “pre-halving rally” two months in advance.

The next halving is due in mid-April.

#BTC

Right on schedule $BTC #Crypto #Bitcoin https://t.co/fj3vJ62bIb pic.twitter.com/Tue8nMMDUe

— Rekt Capital (@rektcapital) February 13, 2024

 

 

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.