Although Bitcoin’s price action has slowed down recently, crypto bears couldn’t take over its movements either, leading to relatively positive trading indicators.
The crypto market started the week on a neutral note, as Bitcoin’s price action did not see much change. Bitcoin has been static in a close range below $52,000 for over a week. Meanwhile, short-term indicators for the market are still in the green since crypto bears haven’t been successful. The crypto bears consistently staged a tussle with bulls, but Bitcoin’s support did not give away from $50,000.
As a result, experts and analysts believe there could be further growth in Bitcoin’s price action before the halving event. Moreover, BTC’s 20-day moving average is gradually rising to $50,000, creating an optimistic sign.
Besides Bitcoin’s movements, Ethereum was also a clear winner in the crypto market in February. It is attempting to consolidate above $3,000, while a few others, like BNB and SOL, have also rallied.
The spot Bitcoin ETFs have seen an encouraging trend over the last few days, with outflows slowing down. Grayscale’s ETF, which accounted for the highest outflows, witnessed only $44.2 million in withdrawals on February 23. If the pace for outflows slows down further, it could be an added boost for the crypto market.
The other ETFs have mostly seen rising inflows since January 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,300 on February 26, 2024, with BTC/USD trading lower by a margin of 0.7% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1 trillion.
BTC/USD is trading higher than its 20-day EMA (47,948.77), as BTC’s 24-hour volume was at around $14 billion. The global crypto market cap increased by around 0.28%, trading above $1.99 trillion. BTC’s year-to-date returns are at 21.35%.
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