Bitcoin (BTC) maintains its position above the $52,000 mark despite encountering stiff resistance, signaling robust investor confidence in the cryptocurrency. Inflows into spot Bitcoin exchange-traded funds (ETFs) surged to over $2.2 billion between February 12 and February 16, underlining a significant appetite among investors.
BlackRock’s iShares Bitcoin Trust (IBIT) alone attracted year-to-date inflows of $5.2 billion, constituting a notable portion of BlackRock’s total net ETF flows.
Investor confidence remains high amid resistance
Despite selling pressure near $52,000, Bitcoin experienced a moderate rally of about 7% during the week. The resilience of the cryptocurrency is evident in the solid buying observed on dips, as indicated by a shallow correction from the $52,000 resistance level. This suggests that investors are optimistic about the continuation of the uptrend, with the potential for the BTC/USDT pair to ascend to $60,000.
However, a minor risk to the ongoing rally is the sustained overbought territory of the relative strength index (RSI), suggesting a possibility of overheating in the near term. For a corrective phase to materialize, bears need to drive the price below the 20-day exponential moving average ($47,809), potentially leading to a descent towards the 50-day simple moving average ($44,441).
BNB eyes resistance at $360 amid uptrend
Binance Coin (BNB) is on an upward trajectory yet faces resistance near the $360 mark. Despite this hurdle, the cryptocurrency has managed to maintain its position, with the bulls showing resilience. The upsloping 20-day exponential moving average ($328) and the relative strength index (RSI) nearing overbought levels indicate a favorable path for upward movement.
Should buyers secure a close above $360, the BNB/USDT pair could embark on its next leg towards $400, although overcoming this level may prove challenging. Conversely, a close below $348 could prompt short-term traders to book profits, potentially triggering a correction toward the 20-day EMA and the 50-day SMA ($313).
Technical analysis indicates bullish momentum
On the 4-hour chart, the bulls are endeavoring to defend the 20-EMA against persistent pressure from the bears. A reversal from the current level may see a push towards $366, signaling a resumption of the uptrend with a potential rise to $400. However, failure to remain above the 20-EMA could indicate a resurgence of bearish sentiment, potentially driving the pair toward the 50-SMA.
