Bitcoin has experienced a sudden recovery, surpassing the $97,000 mark and trading at a market value of $97,226. The bullish reversal from the local support trend line and the formation of a morning star pattern indicate a potential bounce back. The BTC price aims to reach the 50% Fibonacci level at $98,490 after breaking above the 38.20% Fibonacci level. The momentum is increasing, reflected in two consecutive bullish candles and the nearing of the RSI line to the halfway level. The challenge now is to break above the 20-day EMA at $97,543 and the 50-day EMA at $97,817 to reinstate the bullish alignment and increase the chances of hitting the $100,000 mark. On the other hand, the crucial support levels are the local support trend line at $96,000 and the $94,377 horizontal level. Despite Bitcoin's potential turnaround, there were net outflows in US spot Bitcoin ETFs on February 19, with Fidelity being the biggest seller. However, the US spot Bitcoin ETFs still hold $112.59 million worth of Bitcoin, accounting for 5.90% of the Bitcoin market cap.



Other News from Today