Bitcoin Eyes Move Beyond $50K as Technical, Macro Tailwinds Gather
Bitcoin prices have surged recently, breaking free from the crypto's sluggish start to February.
With that, the losses incurred post-ETF approval have been mainly recuperated, with Bitcoin now revisiting the volatile zone observed during the ETF approval week.
The downturn witnessed during that period was predominantly driven by institutional selling to capitalize on the ETF-induced demand surge.
However, this week, buyers have regained momentum, pushing the price upwards after a brief consolidation period in early February.
Notably, the bullish momentum in Bitcoin's price aligns with the increase in fund flows in spot ETFs.
As GBTC redemptions decreased during this period, it positively influenced ETF net fund flows and Bitcoin's price.
In today's analysis, we will examine the essential support and resistance levels that play a crucial role in determining Bitcoin's price movement in both the short and medium term.
Looking at Bitcoin's short-term movements through the 4-hour chart, we observe a surge to $48,885 following the spot ETF approval on January 11th, swiftly followed by a steep decline to the $38,500 range over the next 12 days.
Additionally to the aforementioned factors, the market's focus on the upcoming halving scheduled for April has begun to impact Bitcoin demand positively.
Analyzing the past month, we observe that the $46,675 level (Fib 0.786) serves as the initial resistance point when considering the highs and lows.
This resistance line may stretch up to $47,150, considering the recent market activity. Surpassing this hurdle, the heightened risk appetite could propel Bitcoin towards the $50,000 range.
Furthermore, the $50,000 mark, viewed as a psychological level, maybe surpassed swiftly, initiating a
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