Bitcoin Touched But Failed at $53K

[TomPluz]

Bitcoin surged by several hundred dollars, hitting $53,000 for the first time in over two years, only to face a swift and forceful rejection. Yesterday witnessed a notable surge in Bitcoin, propelling it by several hundred dollars and reaching the $53,000 milestone for the first time in over two years. However, this achievement was short-lived

The leading cryptocurrency, Bitcoin, had been demonstrating an impressive upward trend in recent weeks, escalating from under $40,000 to surpassing $50,000. This surge was fueled by the positive response to recently approved spot Bitcoin ETFs in the United States, attracting substantial investment in the initial weeks of trading.

Although Bitcoin’s price had flirted with the $52,000 mark on multiple occasions, it struggled to sustain the momentum required to breach the $53,000 threshold. Yesterday, the bulls made another attempt to push the price higher, successfully touching the coveted level and marking a new high since late 2021.

Read more here: https://azc.news/bitcoins-53k-push-sparks-300m-id14219/






Currently standing at $50.897, Bitcoin seems to me is taking some time to energized itself and be ready for the next attempt to go beyond the $53K mark and it is saying that once is not enough and there will be more until success has finally come down from heaven for all to enjoy. Personally, I am expecting that before the end of February, BTC can already be hovering into $60K though am willing for a compromise so maybe $56K will do for me. So guys have you got your Bitcoin ready for the biggest actions yet in this bullish season?

[hugeblack]

It is not a rejection of the resistance level, but rather we have reached the consolidation phase levels, where demand has reached the peak and speculators begin to search for a long-term support center, which is supported by the fact that the Relative Strength Index (RSI) is neutral. So we have reached consolidation, and unless something happens that pushes the price higher, a correction will most likely occur.
I do not expect a sharp correction, but rather something between $42,000 to $48,000.

[Rubel007]

Reviewing the past one month, the price of Bitcoin has still increased by about 27 percent. With so much growth in such a short period of time, the price of Bitcoin will certainly be reduced for its price correction. Bitcoin definitely needs energy if we want to move forward. Currently, the price of Bitcoin may stabilise at 51K and from here it will move towards 60K even if it declines slightly. A temporary change in Bitcoin's bullish momentum is not a bad thing, but from this stage Bitcoin will be preparing to turn bullish again. We may have to wait for some time.

[Baofeng]

I guess the bulls will have to take some rest as well? But if you look at the TA right now, buy zone is around $48k. And with that, we could be stuck at the current price or make a simply correction to $48k before we can bounce back again to $55k next month.

So there is still a lot of upside, but there will be a lot of battle between the bulls and the bears. But in any case, still a win-win situation for us. We don't need to panic, just be smart and observed where the price is going to be and when we should buy again.

[LogitechMouse]

We've seen the market going up this month. We saw Bitcoin's price going from $41,000 at the start of the month to around $51,000 by the time I post this.
I guess it's time for the market to sideways to determine the next move for Bitcoin a few weeks before the halving event happens.

Bulls Vs. Bears. Bitcoin is going sideways this week at around $50,000 - $52,500. I would be excited about what will be the next move of Bitcoin in the upcoming weeks. Do we see a correction before the event? Or will we see the bulls prevailing hence, the price of Bitcoin going up before the event? Anyway, like what the post above me has said, no need to panic because everything will be fine. Just chill, and don't over think.

[trendcoin]

We are close to our old ATH level and there is a halving in the coming days. Everything has a very positive atmosphere. There is nothing on the horizon to put us in a deadlock. I believe that we will see a new ATH before or after the halving and I think we will have a good period in the altcoins accordingly. Bitcoin has been walking towards the top for days with sure steps. From time to time, it will experience pullbacks like now, but I am sure it will eventually reach the final goal.

[Dr.Bitcoin_Strange]

This is just the beginning of the bull market; I am just believing that Bitcoin will be able to reach $58k–$60k before the halving takes place. Right now that the price has dropped a bit to $50k, it's still on the consolidation level, as the other member already mentioned. The next price surge might be able to take Bitcoin to $60,000. Let's all keep holding our portfolio tight because there is more bullish movement to come after the Bitcoin halving. Let's not be surprised to even see Bitcoin surpassing the previous ATH on the day of the halving. 

Keep holding on and stay safe, guys. 

[Lucius]

I was a little confused when I read the headline, considering that I didn't notice that the price reached $53k, and then I checked the date of the article, which is from February 21 when the price (depending on where we look) was close to $53k but did not reach it.

However, we need to be realistic and understand that all this that has been happening since the beginning of the year has a cause in the approval of spot BTC ETFs in the US, which according to some data have accumulated around 300 000 BTC so far, which is an impressive figure - although they use the OTC market and that's why the price is still under relative control.

My opinion is that we will see the real action only in the months after the halving, with a note that summer in the Northern Hemisphere is not exactly a time in which a lot of things happen, considering that most people travel for their annual vacations then.

[Z-tight]

Let's not be surprised to even see Bitcoin surpassing the previous ATH on the day of the halving.

So many price predictions from different bitcoiners over the past months, but soon we would know what would actually happen and how the market would react to the halving. We have seen how the market reacted to the event of spot etf approval, there was little to no movement after the approval, but the price started rising a few weeks later and that took BTC price to above $50k. I believe that is what is going to happen after the halving, i don't expect to see a new all time high immediately, but months after.

[SamReomo]

I believe that is what is going to happen after the halving, i don't expect to see a new all time high immediately, but months after.

Who knows that if we see similar craze once again after the halving event? Only a few of us expected such growth after the ETF approval and now it's happening in real, so who knows halving could trigger the price of Bitcoin to reach $69k to $70k and we may see a new ATH just a few weeks after the halving event. I'm very positive that Bitcoin will reach and cross $75k value in 2024, in fact it has the potential to reach and cross $80k value in 2024.

[Baofeng]

I believe that is what is going to happen after the halving, i don't expect to see a new all time high immediately, but months after.

Who knows that if we see similar craze once again after the halving event? Only a few of us expected such growth after the ETF approval and now it's happening in real, so who knows halving could trigger the price of Bitcoin to reach $69k to $70k and we may see a new ATH just a few weeks after the halving event. I'm very positive that Bitcoin will reach and cross $75k value in 2024, in fact it has the potential to reach and cross $80k value in 2024.

Yes, possible that we might hit all time high pre-halving. Current price is now sitting at $55k. So the next obvious attempt is the round numbers of $60k. And we still have March to go and reach it and maybe after that it will be going to attempt to break our previous all time high.

And with that, I agree that we all should be HODLing or even accumulate still, as we are not in the halving year and we have seen what is the prediction for a new all time high for this bull run.

[Captain Corporate]

These type of things take time as we can see, its at near 55k levels now. So if you feared that it failed and sold, now you would have regretted it. This is why you do not expect it to go up in one big motion, you wait for it to fail a bit before it can go up. If it fails completely and then it never goes up and starts to crash then you might end up selling it, but for just a few tries, even just a single try in this case, you do not give up hope. I personally believe that it could do very well, we should be looking for it. I believe in it and it could do very well eventually. Thats just how it works.

[yhiaali3]

BTC can already be hovering into $60K though am willing for a compromise so maybe $56K will do for me. So guys have you got your Bitcoin ready for the biggest actions yet in this bullish season?

Excellent prediction. Today, Bitcoin exceeded the price of $56,000 for the first time after many attempts to exceed 53K$, but it surpassed it and took off strongly. Perhaps due to the news of MicroStrategy purchasing around 3,000 additional bitcoins for $155.4 million.
https://www.bloomberg.com/news/articles/2024-02-26/microstrategy-s-saylor-buys-another-3-000-bitcoin-for-155-4-million-mstr

If Bitcoin continues to perform in the same way, we will most likely see the 60K$ price before the end of February, even though there are only two days left. The bull is starting to run, everyone needs to tighten their belts.

[Z-tight]

I believe that is what is going to happen after the halving, i don't expect to see a new all time high immediately, but months after.

Who knows that if we see similar craze once again after the halving event? Only a few of us expected such growth after the ETF approval and now it's happening in real, so who knows halving could trigger the price of Bitcoin to reach $69k to $70k and we may see a new ATH just a few weeks after the halving event. I'm very positive that Bitcoin will reach and cross $75k value in 2024, in fact it has the potential to reach and cross $80k value in 2024.

Yeah, all we can do now is predict what we think would happen, the price started rising a few weeks after spot etf's were approved, i know it is not so long but it didn't happen immediately, as many people expected and thought that it would.

Once the halving happens, it would be the second big event to happen this year, and with how much BTC's that has already been accumulated through the just approved spot etf's in the u.s., we might see a very high price this year, and i think i agree with you that $80k this year may be possible.

[bitterguy28]

Atleast your worry is all taken now , because just 2 days after you posted this one bitcoin surged to reach what is the level now in which 57k and still climbing , sometimes we are just looking for earlier effect when the market is just having its time climbing .

Good luck to all of us.