After a lackluster performance in January, Bitcoin picked up momentum in February and has risen about 22%, indicating aggressive buying by the bulls. CoinShares Digital Asset Fund Flows Weekly Report shows weekly inflows of $2.45 billion into digital asset investment products last week.

This takes the total year-to-date inflows to $5.2 billion. Data from market intelligence platform Santiment shows that the bigger whales, with wallets holding 1,000 to 10,000 Bitcoin, have purchased Bitcoin worth $12.95 billion in 2024. However, during the same time, the smaller whales, with wallets holding 100 to 1,000 Bitcoin, have been sellers worth $7.89 billion. Apart from the robust Bitcoin ETF inflows, markets are excited about the forthcoming halving due on April 19.

Historical data shows that Bitcoin rises about 32% in 60 days prior to the halving. If history repeats itself, then Bitcoin, which is trading near $52,000, could soar to its all-time highs by halving.

We said in the previous analysis that Bitcoin could pick up momentum after crossing $45,000 and that is what happened. The BTC/USD pair reached our expected target objective of $52,000 on February 14. The bears are trying to halt the rally at $52,000, but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not hurrying to close their positions as they anticipate another leg higher. If the price breaks and closes above $53,000, the pair could start the next leg of the uptrend. The pair may then climb to $60,000, which is likely to act as a stiff hurdle. While the upsloping 20-day exponential moving average (EMA) indicates advantage to buyers, the relative strength index (RSI) in the overbought zone suggests that a minor correction or consolidation is possible.

If the price slips below $50,500, the next stop is the 20-day EMA. The bears will have to yank the price below the 20-day EMA to signal a short-term top. The pair could then plunge to $45,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!