Bitcoin (BTC) faced a potential breakdown in its trading range as it encountered resistance at the Wall Street open on February 21. Despite reaching new highs of $53,000, Bitcoin experienced selling pressure, even from anticipated buyer interest in ETFs. Traders noted that Bitcoin was grappling with the fair value gap (FVG) on daily timeframes, as seen from Fibonacci retracement levels. While some traders remained optimistic, others cautioned against relying solely on ETF inflows to support the market. Funding rates and the upcoming earnings report from Nvidia were cited as factors contributing to Bitcoin’s price weakness and potential volatility in the market. However, this article does not provide investment advice, and readers should conduct their own research before making any decisions.
Bitcoin Whales and Nvidia Grab Traders' Attention as BTC Price Plummets to Lowest Point in a Week