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The leading cryptocurrency, Bitcoin (BTC), is encountering resistance around $52,000, which could increase the likelihood of a short-term correction. According to various sources, including BitMEX Research, the sideways movement resulted in a net outflow of approximately $36 million from spot Bitcoin exchange-traded funds (ETFs) on February 21st.
Bitcoin (BTC) Price Movement
Bitcoin’s losses halted on February 22nd, and that day saw a net inflow of about $251 million into ETFs. The long tail of Bitcoin’s November 21st candlestick suggests that bulls bought the dip towards direct support at $50,625 but failed to overcome the $52,000 barrier. Bears may try to push the price below $50,625 again. If they succeed, the BTC/USDT pair could fall to the strong support at $48,970.
However, a bounce from the mentioned level could indicate that sentiment remains bullish and investors are buying on dips. The uptrend would continue with a break above $52,000. The pair could then reach $60,000. Yet, bears may have other plans. They could try to pull BTC price below $48,970. If they do, selling could intensify, and the pair might drop to the 50-day SMA at $45,247.
Ethereum (ETH) Analysis
The leading smart contract platform, Ethereum, attempted to break above the psychological resistance of $3,000 on February 22nd but bears held their ground. Sellers may try to initiate a correction towards the break level of $2,717, which is significant as the 20-day EMA ($2,734) is nearby. A strong recovery from $2,717 could indicate that bulls have turned the level into support. Bulls might then try to overcome the $3,000 barrier again. If successful, the ETH/USDT pair could reach $3,300. Bears in the cryptocurrency may need to keep the price below $2,717 to weaken the bulls. The Ethereum pair could then drop to the 50-day SMA ($2,497), and such a deep pullback could delay the start of the next leg up in the uptrend.
