BTC/USD Signal: Bitcoin Consolidates But A Breakout Is Possible

Bitcoin consolidates around 52,000, eyeing breakout. Bullish view targets 53,000; bearish at 51,500. Influenced by ETF inflows and upcoming halving event, watch for potential surge.


Bullish view

  • Buy the BTC/USD pair and set a take-profit at 53,000.
  • Add a stop-loss at 50,000.
  • Timeline: 1-2 days.


Bearish view

  • Set a sell-stop at 51,500 and a take-profit at 50,000.
  • Add a stop-loss at 53,000.

(Click on image to enlarge)

BTCUSD Signal Today- 19/02: Consolidation, Breakout? (Graph)

Bitcoin price continued its consolidation phase during the weekend as the recent momentum waned. The BTC/USD pair was trading at 52,000, where it has been in the past few days. Despite this price action, Bitcoin remains sharply higher than the year-to-date low of 38,450.


Traders wait for the next catalyst

Bitcoin has had a great year as investors cheered the approval of spot Bitcoin ETFs. While its price dropped after the approval, it has now bounced back and reached its highest level in more than two years.

The most recent catalyst for the BTC/USD pair was that some top ETFs were gaining substantial inflows. For example, the iShares Bitcoin ETF (IBIT) has seen its total assets jump to over $6 billion. Fidelity’s Wise Origin ETF has had its assets soar to over $2.1 billion.

Other top-performing ETFs were the Ark 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB). Notably, there are signs that some of these funds are flowing from the SPDR Gold ETF (GLD), which has had some strong outflows recently.

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