Amidst high overhead BTC price resistance and elevated funding rates, Bitcoin exhibits indications of strain. As resistance held firm, BTC tickers down $50,957 threatening a breakout from its trading range at the Wall Street open on February 21. ETFs won’t stop the BTC bull market. The lowest levels of the BTC price in a week are being retested, according to data from TradingView and Cointelegraph Markets Pro.
Bitcoin experienced sell-side pressure right away after reaching fresh 26-month highs above $53,000; even well-known sources of support, such as the expectation of buyer interest in the spot exchange-traded funds (ETFs), were unable to improve the situation. Popular trader Crypto Chase responded by pointing out that Bitcoin was beginning to understand the fair value gap (FVG) on daily timeframes when evaluated from Fibonacci retracement levels.
Keith Alan Believes That Bitcoin Has Seen Worse And Recovered From It
An associated discussion on X (previously Twitter) said, “Looks ugly, but I’ve seen it recover from worse.” Keith Alan, co-founder of the trading resource Material Indicators, emphasized in his most recent video update that even ETF inflows were not a certain means of supporting the market. He stated, “We are seeing the BTC W candle slip into red territory midway through the week.”
“There is undoubtedly plenty of time for it to rebound, and the enormous inflows into BTC ETFs should help to cushion some of the loss, but the fact that this decline is occurring despite the demand for ETFs suggests two things: 1. ‘Up Only’ does not exist, even in the BTC ETF era. 2. Bitcoin whales are cashing in on the demand for ETFs.” Prominent trader Daan Crypto Trades, however, urged composure in his assessment of the current situation. Price usually comes first in terms of sentiment. He stated in a recent X update that “it’s often a reason to pay attention if sentiment precedes price without it following through.”
