Bitcoin broke ETF price gains for the seventh day in a row
Bitcoin broke its high on the day the ETF launched and is now trading at $50,000.
It has risen for seven days in a row and is up another 4.5% or $2,100 today.
Actual selling at the ETF's launch led to a 20% drop, but increased excitement over the halving, which should be in late April, offset the decline.
The rule of large round numbers always applies in Bitcoin, so many eyes will be on $50,000.
We saw this number in December 2021.
Buyers are now looking at $52,000 as the next target, while traders are eyeing the key support at $48,600 for a short-term bias.
Looking at the daily chart, the price is also about 61.8% down from its record high.
This level is between $48,600 and $51,960.
For traders looking for further upside, this level is a key risk/bias determining level in the short term.
Staying higher means more bullish. The move down will be more bearish, at least in the short term.
The next upside target on the daily chart is near the $52,000 level. This area corresponds to peak volatility to December 2021
Bitcoin broke its high on the day the ETF launched and is now trading at $50,000.
It has risen for seven days in a row and is up another 4.5% or $2,100 today.
Actual selling at the ETF's launch led to a 20% drop, but increased excitement over the halving, which should be in late April, offset the decline.
The rule of large round numbers always applies in Bitcoin, so many eyes will be on $50,000.
We saw this number in December 2021.
Buyers are now looking at $52,000 as the next target, while traders are eyeing the key support at $48,600 for a short-term bias.
Looking at the daily chart, the price is also about 61.8% down from its record high.
This level is between $48,600 and $51,960.
For traders looking for further upside, this level is a key risk/bias determining level in the short term.
Staying higher means more bullish. The move down will be more bearish, at least in the short term.
The next upside target on the daily chart is near the $52,000 level. This area corresponds to peak volatility to December 2021