💰Is a New Moon about to cast a shadow on Bitcoin's $55,000 target?💰
🔥Bitcoin surges over 2.10% on Friday, following a 5.05% spike in two days.
🔥Historically, two out of the last three new moons signaled local tops, sparking concerns of a downturn after the upcoming one on February 9.
🔥A weekly candlestick closing below $41,395 could spell trouble for BTC, potentially leading to a deeper decline.
🔥Bitcoin has shown resilience amidst seven weeks of consolidation, with the weekly candlestick boasting a robust 9.30% gain.
🔥Despite bullish indicators from Bitcoin ETFs, concerns over inflows and outflows briefly stalled price action. Recent improvements in ETF inflows, however, offer a positive outlook.
🔥BTC price trajectory undergoes a shift, echoing a bullish sentiment reminiscent of 2023's bull surge.
🔥Key milestones include Bitcoin's breach of the $42,289 mark, marking a pivotal turnaround from the previous bear market drop.
🔥Moreover, the $45,156 weekly resistance now stands as a solid support level, setting the stage for a potential retest of $50,000 in the coming weeks.
🔥However, caution prevails as the recent 9.30% surge lacks significant volume, hinting at a possible trap for long positions.
🔥Investors are advised to stay vigilant, especially if the weekly candlestick closes above $45,156, potentially signaling a bearish divergence.
🔥Keeping dry powder for buying opportunities at $45,156 and $43,823 could prove prudent, as a recovery may propel Bitcoin above the $55,062 hurdle.
Stay sharp and trade wisely! 🔍📈
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