Rosa Pedraza
Feb 15, 2024 - 01:10

Bitcoin Price Struggles Around $52K - Bulls Push BTC Higher

Bitcoin price hits new yearly high at $52,545, up 17% in 7 days. Rising institutional interest suggests bullish trend. Potential $55,000 target.

The price of Bitcoin surged to a new yearly high of $52,545 on February 14th, surpassing the $52,000 level. Over the past 24 hours, Bitcoin has seen a 2% increase, and over the past seven days, it has risen by 17%.

This upward trajectory has been driven by positive net flows into spot Bitcoin ETFs and a slowdown in outflows from Grayascale's ETF, GBTC. The total daily trading volume of all Bitcoin ETFs surpassed the $1 billion mark last week, with BlackRock's iShares Bitcoin Trust (IBIT) leading the way with a trading volume of $341.2 million, outpacing Grayscale Bitcoin Trust's $296.5 million in volume.

On February 14th, IBIT received $493 million in inflows and has now accumulated over $5 billion in just under one month of trading. This increase suggests rising institutional interest in these investment products, which is bullish for BTC.

In terms of Bitcoin's future trajectory, the price has formed a series of higher highs and higher lows on the four-hour chart, leading to the appearance of a parallel ascending channel. At the time of writing, Bitcoin was facing resistance from the upper boundary of the channel at $53,250. A daily candlestick close above this level would see Bitcoin rise toward $54,000 and later the psychological level at $55,000, representing a 5% increase from the current price.

As long as Bitcoin continues to move within the confines of the rising channel, it is set to continue growing. The upfacing moving averages and the position of the Relative Strength Index (RSI) in the overbought region indicate a strong uptrend, with the RSI at 72 suggesting that there is still more room for the upside.

On the downside, Bitcoin has immediate support at $51,750, embraced by the middle boundary of the rising channel. A daily candlestick close below this level would pull Bitcoin downward to seek support from the lower boundary of the channel at $50,650, representing a 3.33% drop from the current price. Overall, the current market conditions suggest a positive outlook for Bitcoin's price in the near future.