Bitcoin price begins a slow recovery, boosting the bullish momentum in ETH, UNI, FIL and GRT.
After running hard for two weeks, Bitcoin (BTC) is taking a breather near the $52,000 level. The bears are trying to start a correction, but the bulls are in no mood to relent. Strong equity markets, upcoming halving, and solid inflows into the spot Bitcoin exchange-traded funds are likely to limit any downside.
Analysts will closely monitor the inflows into the spot Bitcoin ETFs to determine the next directional move in Bitcoin. BitMEX Research data showed that Grayscale Bitcoin Trust outflows were just $44 million on Feb. 24, the lowest since Jan. 11.
The crypto sentiment remains upbeat as Bitcoin continues to sustain above $50,000. While Bitcoin consolidates, short-term traders may look for trading opportunities in altcoins that are demonstrating strength.
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