Bitcoin (BTC) headed near new two-year highs at the Feb. 12 Wall Street open amid fresh optimism over institutional buying.
BTC/USD 1-day chart. Source: TradingView
BTC price consolidates below key resistance
Data from Cointelegraph Markets Pro and TradingView showed BTC price action sending the asset past $49,000.
The prior daily close saw the highest levels in a month as bulls initially held their own, managing $48,800 before a retracement took the market $1,000 lower in the coming hours.
With significant resistance overhead, a tug-of-war between buyers and sellers was the key talking point.
“$BTC consolidating under previous top,” popular trader and educational content creator Mac told followers on X.
“Last time I saw something like this we exploded up. I see $50,000 shortly.”BTC/USD chart. Source: Mac/X
Meanwhile, fellow trader Jelle suggested that BTC/USD was already in a prime position to tackle all-time highs, now around $20,000 away.
“Historically, it does not take very long for #Bitcoin to reach the other end of this range,” he noted alongside a chart.
“Is this time different?”
As Cointelegraph reported, some are cautiously approaching the $50,000 topic, among them Keith Alan, co-founder of trading resource Material Indicators.
BTC/USD, he wrote in an X post on Feb. 12, would do well to retest support again, but traders should not take the consolidation scenario as a given.
“While I think it would be healthy to see #Bitcoin retest support, confirm an R/S flip and establish a foundation for another leg up, we must be prepared for the opposite scenario as well,” he concluded.
“There is a lot of sentiment for $50k and there isn’t a lot of ask liquidity above it to slow price down if price manages to break the Golden Pocket (.618 Fib). If it does, shorts are gonna get hella squeezed.”BTC/USD chart with trading signals. Source: Keith Alan/X
Alan referenced the 0.618 Fibonacci retracement level at $48,300, as measured from the 2021 all-time highs.
Bitcoin ETF flows fuel bullish price takes
Meanwhile, the United States spot Bitcoin exchange-traded funds (ETFs) garnered increasing interest as the…
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