BTC Has Difficulty Passing $53K, But Traders Have To 'Zoom Out'!
"It's often difficult to climb if you keep going up high, it might take a little time."Immediately after breaking through almost $53,000 on February 20 yesterday, the price of the king of cryptocurrency Bitcoin (BTC) fell to $50,792 as BTC futures open interest which is the catalyst for volatility has remained over $22.5 billion.However, popular trader Jelle said investors should zoom out while Michael van de Poppe also believes that the trend of BTC remains upward but does not mean that it will experience an upward trend all at once.Through observation, BTC has made gains due to spot BTC ETFs plus there are some traders who have added exposure ahead of the Wall Street open as part of an effort to capitalize on its potential.Even so, Poppe thinks ETF inflows won't push the price of BTC up to $100,000 in two months but it should be noted that the Crypto Fear & Greed Index has reached its greediest level since before BTC hit an all-time high of $69,000 in the fourth quarter of 2021.So here it can be seen that historically bullish indicators of the crypto market are giving a new signal that there are more BTC price hikes to come.As noted by Caleb Franzen who is a senior market analyst at Cubic Analysts, the Williams %r Oscillator indicator is repeating the behavior seen just before BTC first broke through $20,000 in late 2020.As of this writing, BTC price has surged by 1.51% to $52,134 in the past 24 hours with a $1 trillion market capitalization and a 5.57% gain over the past week.
"It's often difficult to climb if you keep going up high, it might take a little time."
Immediately after breaking through almost $53,000 on February 20 yesterday, the price of the king of cryptocurrency Bitcoin (BTC) fell to $50,792 as BTC futures open interest which is the catalyst for volatility has remained over $22.5 billion.
However, popular trader Jelle said investors should zoom out while Michael van de Poppe also believes that the trend of BTC remains upward but does not mean that it will experience an upward trend all at once.
Through observation, BTC has made gains due to spot BTC ETFs plus there are some traders who have added exposure ahead of the Wall Street open as part of an effort to capitalize on its potential.
Even so, Poppe thinks ETF inflows won't push the price of BTC up to $100,000 in two months but it should be noted that the Crypto Fear & Greed Index has reached its greediest level since before BTC hit an all-time high of $69,000 in the fourth quarter of 2021.
So here it can be seen that historically bullish indicators of the crypto market are giving a new signal that there are more BTC price hikes to come.
As noted by Caleb Franzen who is a senior market analyst at Cubic Analysts, the Williams %r Oscillator indicator is repeating the behavior seen just before BTC first broke through $20,000 in late 2020.
As of this writing, BTC price has surged by 1.51% to $52,134 in the past 24 hours with a $1 trillion market capitalization and a 5.57% gain over the past week.
