Bitcoin has made marginal gains of 1.05% in the last 24 hours. As of 14:13 GMT+, Bitcoin was trading at $51,614 with a market capitalization of $1.01 trillion. However, trading volumes have dropped in the last 24 hours, down by 15% to $15.889 billion. This is a reflection of the range bound trading that has characterized Bitcoin for most of the past week.
A Win For US Miners
Things are looking bright for Bitcoin this week, especially with good news coming out of the US Bitcoin mining sector. Bitcoin miners in Texas have been given restraining orders against the Department of Energy. This is a big win considering that the Department of Energy has been doing surveys on how much energy the process of mining Bitcoin uses. The miners had raised concerns that such surveys are meant to sway opinions and act as a basis to ban Bitcoin mining in the US.
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Good to see the #Bitcoin miners pushing back. pic.twitter.com/I8VPnx6DsQ
— Coin Bureau (@coinbureau) February 25, 2024
With such a win, it means US miners can continue contributing to making the Bitcoin network safe, further enhancing its standing as sound money, a time proven store of value.
ETF Inflows Remain Strong
Besides the win by miners, Bitcoin continues to win big as institutional money continues to flow into Bitcoin ETFs. Since the Bitcoin ETFs were approved, the net flow of funds into Bitcoin has been net positive.
#Bitcoin ETFs saw another strong day this Friday with a +$232M net inflow.
Numbers so far:
🔹All ETFs total Net Flows: +$5.5B
🔹Average Net Flows per day: +$183.4M
🔹$GBTC Outflows: -$7.44B pic.twitter.com/zszl4uVDtV— Daan Crypto Trades (@DaanCrypto) February 25, 2024
The acceptance of Bitcoin in the US is so strong that even past critiques to Bitcoin are warming up to it. Last week, Donald Trump, who has always been a strong supporter of the dollar, seemed to change his stance towards Bitcoin, an indicator that even if he were to win, there would be no crackdown on Bitcoin in the US.
All these are positive indicators for Bitcoin ahead of the upcoming halving. The expectations of a post-halving rally, has supported the market so far, and with positive news from the US, and the price holding firmly above $51,000, the odds are that Bitcoin is in a good place going forward.
Texas miners winning against the US Department of Energy and the fact that money is steadily flowing into Bitcoin through ETFs is a positive indicator for Bitcoin in the coming week. It could be the trigger that pushes out of its current trading range and usher in another bull run.
Bitcoin Bounces Off Key Support, An Indicator Of A Potential Breakout
Bitcoin price is currently rangebound, and in the last 24 hours, has bounced off key support at $50,530 and with increasing volumes.
If Bitcoin buying volumes keep rising, the $52, 315 upper range, which is now a key resistance level would come into focus. If bulls push Bitcoin through the $52,315 resistance, then Bitcoin could be on its way to $60k in the week.
However, if buying volumes drop and Bitcoin is unable to push through the $52,315 resistance, then two scenarios could play out. The first one would be a continuation of the rangebound trading that has characterized Bitcoin trading for the past week.
On the other hand, if short sellers take control, the $50,530 support level would come into focus. If bears are strong enough to push Bitcoin through the $50,530 support, then prices below $50k could be within reach in the day, or within the week.
Bitcoin Price Prediction – Why $60k Is A Realistic Target This Week
The case for a continuation of the price consolidation is slim. It is even slimmer for a potential downside break that could see Bitcoin break support and head below $50k. That’s because all factors at the moment point to a bullish breakout for Bitcoin.
As news about the win by Texas miners against the US Department of Energy filters into the market, it will likely to excite the market. This coming at a time when institutional money is flowing strongly into Bitcoin makes the case for Bitcoin breaching the $52,350 resistance, and opening the way for a rally to $60k.
Besides, such positive news are coming at a time when more investors are increasingly looking forward to the halving, which is drawing closer by the day. At the moment, the halving is only 59 days away, and that means expectations are getting stronger by the day.
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