Bitcoin outlook: Bitcoin surges to two-year high
Bitcoin extends sharp rise into second consecutive day and hit levels near 57500 for the first time since December 2021 on Tuesday.
Two-day rally has registered around 4.5% gains and signaled continuation of larger uptrend, after investors quickly changed view from extended consolidation phase into fresh and large longs, executed by large market players.
In my yesterday’s comment, I pointed to psychological 50000 zone as strong support, but left some space for deeper pullback, which was expected to be a healthy correction and offer better buying levels, although markets proved to be more bullish than anticipated and quickly changed the sentiment.
Bitcoin also received strong boost from the recent approval of Bitcoin exchange traded funds (ETF) which is gaining pace and lifts the price.
The latest advance contributed to Bitcoin’s impressive monthly performance in February (up 35% for the month, in the biggest monthly advance since October 2021).
Bulls broke above important Fibo barrier at 56219 (76.4$ of 68911/15437 downtrend) close above which to boost technical signals for extension towards initial targets at 59047 (Dec 2021 high) and 60000 (psychological).
Res: 57470; 58000; 59047; 60000
Sup: 56291; 54481; 52869; 51000
Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
