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Bitcoin Is Still Stuck Below $52,000 – What Levels Are Expected For Bitcoin (BTC)

In the past week, Bitcoin (BTC) has witnessed a remarkable trend as it reaches over $52,000 level, first time in over 2 years. However in the past few days, BTC has been having a hard time to pump maintaining resistance level of $52,000 to $51,000. Because of this trend, the crypto currency community particularly the investors are now wondering about Bitcoin’s future movements.

 

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Bitcoin (BTC) went down to $50,700 late yesterday but was able to recover to $51,257 before midnight on Wednesday, February 21. At this time of writing, BTC is trading at $51,593. 0.71% higher in the last 24 hours according to CoinMarketCap.

The slow movement in Bitcoin’s (BTC) price is somewhat related to the recent market flows of BTC-spot ETF. It appears that investors have been inactive, following the US holiday resulting to a decrease in net inflows. As per BitMEX data, BTC spot ETF net inflows has dropped from 

$329.9 million to $135.6 million as of yesterday. 

Price Levels To Keep An Eye On

Analysts claims that Bitcoin is consolidating within a certain range. The question is, will this consolidation result to a breakout or collapse in BTC’s price. 

Analysts suggest that if the Bitcoin (BTC) price enters a bearish trend, it could range between $47,500 to $48,500. And if BTC price starts another bullish trend, it could surge between $55,000 to $58,000.

What Should Bitcoin Investors Expect 

Despite of Bitcoin’s current performance, investors are still optimistic and still keeping an eye on the charts. This situation only shows that the cryptocurrency market is quite volatile and needs constant monitoring. 

Looking on the bright side, Bitcoin halving event is still happening. This event is a major mileston for Bitcoin as it could trigger more rally in the next upcoming months. Plus, once the investors gets back on track, there would be more inflows on BTC ETF which could help pump the BTC price. 

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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