Bitcoin (BTC) surged to new highs on February 14th, providing a pleasant surprise for bullish investors on Valentine’s Day. The price of BTC rebounded from lows of $48,400 and not only recovered its 4% losses but also reached long-term highs, approaching $52,000 at the time of writing.
In just one hour, BTC/USD added $1,000, demonstrating its characteristic bullish behavior. This surge contributed to the overall crypto market capitalization approaching the $2 trillion mark, with Bitcoin alone surpassing $1 trillion.
Analyzing the short-term setup, popular trader Skew identified a resistance/support flip on the four-hour chart. He emphasized the importance of paying attention to the exponential moving averages (EMAs) and the relative strength index (RSI) score as key trendlines to monitor.
Skew also observed that spot buyers on Binance had been anticipating institutional inflows through the United States spot Bitcoin exchange-traded funds (ETFs). These ETFs have been gaining traction, with nine providers buying up increasing amounts of BTC on a daily basis.
Taking a longer-term perspective, trader and analyst Rekt Capital noted that Bitcoin’s price performance was following the pattern of classic bull markets. He compared the current situation to 2020, highlighting the impact of the block subsidy halving, which typically triggers a “pre-halving rally” two months before the event. The next halving is scheduled for mid-April.
It’s important to note that this article does not offer investment advice or recommendations. Investors should conduct their own research and analysis before making any decisions.