BTC Technicals; Where will it head from now on?
Dear Readers,
What a run for Bitcoin in February 2024!
We could say BTC print a mass candle in its chart!
This is indeed the first candle after 2020 which gave a profit of above 40% ( The exact % is 43.55).
We have witnessed similar to this in the 2020 bull market during November-December time.
If we take the day chart of BTC, BTC currently trades at $ 62722, a up of 1.21% from yesterday with the 2nd position in the trading volume. The Global Crypto market cap is also up to a similar jump by 1.21% from yesterday and stands currently at $ 2.36 Trillion.
Obviously, the BTC price would poised to go up. But a small correction is anticipated.
If we consider the technicals of the BTC, the RSI is in the overbought zone.
If it is in the range the market is already in the heated mode, and it certainly requires a cool down.
Another point is that contrary to all the expectations, BTC price hasn't equaled to its All Time High.
It is also expected that about a 1 month to go for the BTC Halving.
It is also very difficult to predict the impact on BTC ETFs as they were recently entered ( about 2 months from now). We are all new to the injections of ETFs to the markets. Moreover, ETFs would make the inflow only from Monday-Friday. Saturday and Sundays would be the trade holidays for ETFs. That's why we could clearly see the markets go high on week days and moved sideways in the week ends.
The BTC Technicals are also strong.
The important Factors of BTC price during March 2024
The other two potential events that would make a shift in BTC price during March 2024 is the upcoming FOMC meeting and Consumer Price Index details.
- The February 2024 CPI data would be released on March 12, 2024.
- FOMC meeting would be held on March 19-20, 2024.
Bitcoin Dominance With the Duncun ETH Update:
The Dencun update for ETH would be happening in March 13. We do expect a pump in ETH on this update. We have made an exclusive article on this. Click here to access it if you have missed it earlier. This may result to the slow down of BTC dominance which is good for ALT Coins pump.
Let's wait and see on how BTC moves by this Monday to have a take on this!
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