BTC Market Update 17th February
📈 Market Update: 17th February 🌐
The biggest resistance in the current market is around $59,000. While there may be some debate about resistance at $52,000, my focus lies on the major changes, and I don't foresee significant developments in that range. The key weekly level to monitor is between $41,000 and $44,000; staying above this range signifies a robust upward trend.
A drop below the $41,000-$44,000 range could signal significant negative momentum. However, if the market maintains its current stance, it remains strong on a weekly basis. The most favorable opportunities for significant price movement lie near the $60,000 resistance or the $30,000 support levels. While there might be some action around the $40,000 range, its significance is expected to be relatively lower.
This week, we've witnessed an extraordinary addition of over $2.2 billion to the market, indicating a removal of 43,000 Bitcoins from circulation in just five days. To put this in meaningful words, only 900 Bitcoins are currently mined each day, with this number set to halve to 450 in less than two months. Since the start of ETF trading, there's been a net inflow of $4.9 billion.
In terms of price action, stabilization is observed presently, which could be a positive sign. We may anticipate a rise to $55,000 next week, followed by another period of stabilization.
TLDR: Larry Fink's approach is like Michael Saylor but on steroids, with consistent buying and increasing capital, coupled with the impending halving. This scenario translates to fewer dips and more upside potential, making it challenging to find substantial downturns. While dips are expected, they are not anticipated to be significant. Being bullish in this market seems more favorable than adopting a bearish stance—it's a BULL MARKET. 🚀💰 #MarketUpdate #Bitcoin #BullMarket #CryptoAnalysis #ETFTrading
The biggest resistance in the current market is around $59,000. While there may be some debate about resistance at $52,000, my focus lies on the major changes, and I don't foresee significant developments in that range. The key weekly level to monitor is between $41,000 and $44,000; staying above this range signifies a robust upward trend.
A drop below the $41,000-$44,000 range could signal significant negative momentum. However, if the market maintains its current stance, it remains strong on a weekly basis. The most favorable opportunities for significant price movement lie near the $60,000 resistance or the $30,000 support levels. While there might be some action around the $40,000 range, its significance is expected to be relatively lower.
This week, we've witnessed an extraordinary addition of over $2.2 billion to the market, indicating a removal of 43,000 Bitcoins from circulation in just five days. To put this in meaningful words, only 900 Bitcoins are currently mined each day, with this number set to halve to 450 in less than two months. Since the start of ETF trading, there's been a net inflow of $4.9 billion.
In terms of price action, stabilization is observed presently, which could be a positive sign. We may anticipate a rise to $55,000 next week, followed by another period of stabilization.
TLDR: Larry Fink's approach is like Michael Saylor but on steroids, with consistent buying and increasing capital, coupled with the impending halving. This scenario translates to fewer dips and more upside potential, making it challenging to find substantial downturns. While dips are expected, they are not anticipated to be significant. Being bullish in this market seems more favorable than adopting a bearish stance—it's a BULL MARKET. 🚀💰 #MarketUpdate #Bitcoin #BullMarket #CryptoAnalysis #ETFTrading
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