Returns in the crypto market have soared this month, while bulls attempt to fix Bitcoin’s support levels at the $52,000 mark to improve the crypto trading indicators further.
Bitcoin is set to end the week after consecutive days of positive returns and crossing $50,000 after two years. The extremely bullish sentiments throughout the week could stay firm throughout the weekend. Meanwhile, in the last 24 hours, Bitcoin’s support levels are hovering near $52,000. Traders could aim to consolidate BTC above the mark in the next few days.
Moreover, BTC had risen to almost $53,000, but the rally slowed down. Traders could look towards a long-term outlook this time instead of opting to book profits. The BTC halving event is another likely catalyst for a crypto rally.
With the crypto trading indicators turning green, Ethereum is also trading closer to $2,900. Its market cap has gone beyond $330 billion with renewed strength. Others like BNB and XRP saw positive returns as well.
On the other hand, a crypto analysis report by a leading firm recently claimed that crypto ETFs were bringing the maximum inflows. “We estimate over 75% of new investment into Bitcoin are coming from these ETFs. Moreover, investment from these ETFs has increased to 2% of the total historical investment in Bitcoin in just one month,” stated the report.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,800 on February 16, 2024, with BTC/USD trading higher by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.02 trillion.
BTC/USD is trading higher than its 20-day EMA (44,688.54), as BTC’s 24-hour volume was at around $35 billion. The crypto market cap increased by around 1.68%, trading above $1.96 trillion. BTC’s year-to-date returns are at 23.71%.
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