Bitcoin is at a very interesting juncture. It seems that the constant buying pressure from the Spot Bitcoin ETFs is keeping the price buoyant. Will gravity finally take over, or could we see more upside?
$BTC is the ultimate attraction
It can certainly be argued that the persistent buying of $BTC by institutions via the Spot Bitcoin ETFs is helping to drain an already scarce supply. Bitcoin’s role as the only asset outside of the mayhem that is our monetary system, also makes it extremely attractive.
Source: Coingecko/Trading View
In the shorter time frame, $BTC is currently inside an ascending triangle (a bullish pattern) bounded by the up trend line, and the resistance at $52,300. The negative here is that a lower high has been made, although breaking above the resistance can annul this.
Short squeeze?
Another possible negative waiting above is a pile of shorts. According to the Coinglass Liquidation Heatmap, $125 million in shorts can be liquidated at $52,650, and above, at $53,00
We współpracy z: https://cryptodaily.co.uk/2024/02/bitcoin-btc-next-surge-or-price-rollover
