koinmilyoner
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Bullish
Bitcoin Analysis: Will $108,000 Rally Return?
Market dread and uncertainty rise as the Crypto dread and Greed Index drops to 35. Bitcoin has lost 1.08% in the previous 24 hours at $97,000.
With a market cap under $2 trillion, Bitcoin's momentum is limited. A morning star pattern suggests a bullish return, but institutional support stops abruptly, signaling a further decline.
BTC is consolidating between the 50-day and 100-day EMA levels, making traders cautious. The MACD and signal lines are bearish after the recent downturn.
Bitcoin is near a major support level, but the momentum indicator suggests selling. This usually goes against purchase at support, sell at resistance.
The morning star pattern favors a bullish reversal rally, which might boost market recovery.
Ascending Triangle: Bullish Breakout or Breakdown?
Scaled up, the local support trendline creates an ascending triangle with a ceiling of $106,000. If BTC holds support in this pattern, the market may rebound briefly.
Bitcoin might challenge above resistance and rise almost 10%. BTC might tumble if bulls fail to maintain control at this support level.
Bitcoin is now supported above $91,000, and a close below this level would heighten downside risks.
Institutional ETF Flows Show Mixed Sentiment
Daily net inflow of U.S. Bitcoin spot ETFs was negative on February 6. Single buyer Grayscale BTC Mini Trust brought in $5.15 million.
Major sellers included Fidelity ($103.25 million) and Grayscale BTC Trust ($42.21 million). This shows Grayscale Mini BTC Trust and Grayscale BTC Trust have different views.
Grayscale BTC Trust has lost $21.91 billion, indicating ongoing selling pressure. BlackRock, the biggest Bitcoin ETF with $56.252 billion in net assets, was neutral with zero net flow.
#BERAonBinance #BitcoinWhaleMove #USJobsDrop #USJoblessClaimsRise #BTCHovers100k $BTC $ETH $XRP
Market dread and uncertainty rise as the Crypto dread and Greed Index drops to 35. Bitcoin has lost 1.08% in the previous 24 hours at $97,000.
With a market cap under $2 trillion, Bitcoin's momentum is limited. A morning star pattern suggests a bullish return, but institutional support stops abruptly, signaling a further decline.
BTC is consolidating between the 50-day and 100-day EMA levels, making traders cautious. The MACD and signal lines are bearish after the recent downturn.
Bitcoin is near a major support level, but the momentum indicator suggests selling. This usually goes against purchase at support, sell at resistance.
The morning star pattern favors a bullish reversal rally, which might boost market recovery.
Ascending Triangle: Bullish Breakout or Breakdown?
Scaled up, the local support trendline creates an ascending triangle with a ceiling of $106,000. If BTC holds support in this pattern, the market may rebound briefly.
Bitcoin might challenge above resistance and rise almost 10%. BTC might tumble if bulls fail to maintain control at this support level.
Bitcoin is now supported above $91,000, and a close below this level would heighten downside risks.
Institutional ETF Flows Show Mixed Sentiment
Daily net inflow of U.S. Bitcoin spot ETFs was negative on February 6. Single buyer Grayscale BTC Mini Trust brought in $5.15 million.
Major sellers included Fidelity ($103.25 million) and Grayscale BTC Trust ($42.21 million). This shows Grayscale Mini BTC Trust and Grayscale BTC Trust have different views.
Grayscale BTC Trust has lost $21.91 billion, indicating ongoing selling pressure. BlackRock, the biggest Bitcoin ETF with $56.252 billion in net assets, was neutral with zero net flow.
#BERAonBinance #BitcoinWhaleMove #USJobsDrop #USJoblessClaimsRise #BTCHovers100k $BTC $ETH $XRP
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
