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Bitcoin Set To Register First Bearish Weekly Candle In Over One Month

source-logo  coinedition.com 24 February 2024 12:17, UTC

Bitcoin is about to register its first bearish weekly candle in over one month following a pullback from the recently achieved yearly high of $53,015. TradingView data show the flagship cryptocurrency is down by over 2% as the market enters the last few hours of the current week.

A resurgence in retail trading triggered a steep rally that saw Bitcoin’s price climb above $53,000 within four weeks. The pioneer crypto bounced from a $38,505 local low on January 23, rallying to $53,015 by February 20. With the rally, Bitcoin gained nearly 38% and climbed over the $50,000 psychological level.

Many analysts believe the recent Bitcoin rally reflects the impact of the recently approved spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Others believe besides the ETF approval, the upcoming Bitcoin halving also played a significant role in the recent Bitcoin rally.

According to reports, strategists at JP Morgan think that the current Bitcoin price already reflects the upcoming Bitcoin halving’s impact. However, Fiona Cincotta, senior financial markets analyst at City Index Ltd, thinks the current pullback results from profit-taking by investors.

According to Cincotta, Bitcoin bulls are pausing for breath after an impressive four weeks of gains. She believes the rally will continue soon, considering that the Bitcoin halving expected in April will cut the cryptocurrency’s current supply by half.

Bitcoin traded for $51,018 at the time of writing after recovering from yesterday’s low of $50,519, according to data from TradingView. The flagship crypto’s behavior in the passing week reflects a battle between the bulls and the bears, with the former battling to keep BTC above the $50,000 psychological level.

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