Greed

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) spawned flash volatility at the Feb. 20 Wall Street open as a classic “fakeout” burned traders.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/94c7c581-8545-4923-87e4-e51ffba9220f.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-sellers-quickly-snuff-out-53-000-push">Bitcoin sellers quickly snuff out $53,000 push</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> followed BTC price action as it briefly pierced $53,000 before rejecting.
That rejection was strong, with BTC/USD giving back its entire day’s gains in under two hours, bottoming at $51,400.
At the time of writing, a modest recovery saw $51,700 as the focus. 
Bitcoin futures open interest, a classic volatility catalyst, which hit its <a href="https://cointelegraph.com/news/btc-price-52k-cme-bitcoin-futures-oi-record">highest levels in 26 months</a> at the start of the week, remained at over $22.5 billion, per data from <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener nofollow">CoinGlass</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-02/30fb94e2-5d90-462c-80b6-2d68237ff187.png">
 <figcaption style="text-align: center;">
 Bitcoin futures open interest (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Reacting to the failed attempt to breach $53,000, popular trader Jelle told X subscribers to zoom out.
<blockquote class="twitter-tweet">
 And just like that, the lower-timeframe charts do not look very exciting anymore. You have two options: - Choose to let the LTF chart shake you out - Ignore the noise, and stick to your long term plan. What's it going to be?<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/uGNfn3LV60">pic.twitter.com/uGNfn3LV60</a>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1759959251982721234?ref_src=twsrc%5Etfw">February 20, 2024</a>
</blockquote> 
“The trend remains to be upwards. This doesn’t mean that we are having an upwards trend in one-go,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, <a href="https://twitter.com/CryptoMichNL/status/1759953327314419984" target="_blank" rel="noopener nofollow">continued</a>. 
Like others, van de Poppe referenced inflows to the spot Bitcoin exchange-traded funds (ETFs), which, due to a public holiday in the United States, only reopened for business on Feb. 20.
As <a href="https://cointelegraph.com/news/bitcoin-etf-flows-ether-price-reclaim-3k">Cointelegraph reported</a>, Bitcoin has gained as the ETFs accrue BTC, with some traders adding exposure ahead of the Wall Street open in an attempt to capitalize on potential upside as a result.
“Similarly, the ETF inflow isn’t going to push Bitcoin’s price to $100K in 2 months,” van de Poppe nonetheless reasoned.
<blockquote data-ct-non-breakable="true">
 “Corrections do happen and with the current sentiment, they’ll be nasty and short-lived.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/2e9b2a12-b1b7-4c54-bf7c-67d166676ee2.png" alt="" title="">
 <figcaption style="text-align: center;">
 Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me
 </figcaption>
</figure>
Per data from the <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">Crypto Fear &amp; Greed Index</a>, “greed” is what currently characterizes the mood among crypto traders en masse. As <a href="https://cointelegraph.com/news/open-interest-echoes-69k-btc-price-5-things-bitcoin">Cointelegraph noted</a>, the index recently hit its most “greedy” since just before Bitcoin hit its $69,000 all-time highs in Q4 2021.
<h2 id="analyst-s-favorite-btc-price-metric-channels-2020-breakout">Analyst’s “favorite” BTC price metric channels 2020 breakout</h2>
In an encouraging case of déjà vu, meanwhile, a historically accurate bull market indicator is giving fresh signals that more BTC price upside is due.
Related:&nbsp;<a href="https://cointelegraph.com/news/ethereum-eth-price-hits-3k-for-the-first-time-since-2022">Ethereum (ETH) price hits $3K for the first time since 2022</a>
As noted by Caleb Franzen, senior market analyst at Cubic Analysts, the Williams %R Oscillator is repeating behavior seen just before Bitcoin first broke through $20,000 in late 2020.
A support retest looks to have been successful, he shared on X on the day, paving the way for potential continuation.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> just completed an A→B→C thrust for the 2-year Williams%R Oscillator (one of my favorite <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> indicators). A: break above overbought B: fall below overbought C: break above point A The last time this happened was in October 2020, before price gained +390% in 6 months. <a href="https://t.co/i5yjvQ2yGb">pic.twitter.com/i5yjvQ2yGb</a>— Caleb Franzen (@CalebFranzen) <a href="https://twitter.com/CalebFranzen/status/1759917293331513546?ref_src=twsrc%5Etfw">February 20, 2024</a>
</blockquote> 
As Cointelegraph reported, Franzen also used the oscillator as the basis for calling <a href="https://cointelegraph.com/news/btc-price-metric-which-cued-biggest-bitcoin-bull-runs-brakes-out-at-23k">the end of the 2022 bear market</a>.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price spikes to $53K, but resistance catches up with Bitcoin bulls

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Cointelegraph

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