Bitcoin price came face to face with liquidity at $53,000 on Tuesday. This move triggered a sell-off resulting in a deeper dive below $52,000 — a level that became important to traders late last week.
The leading cryptocurrency barely holds above $51,000 during US business hours on Wednesday, maintaining a 2.2% drop in 24 hours. A daily candle close below $52,000 could shift the compass south, with traders likely to look at $50,000 and $48,000 as the next potential support areas.
Is Bitcoin Price Going To $500k
Bitcoin has made significant strides in the past few months, thanks to the positive outlook for the US Bitcoin ETF.
This sparked a stunning surge in Q4, pushing BTC to surpass $42,000 by the end of the year. The transition of Grayscale’s Bitcoin Trust to the GBTC ETF increased the market fluctuations, but the surge in interest among institutional investors has boosted Bitcoin’s performance.
As a result, Bitcoin rose from under $39,000 in January to over $53,000 in Febru
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