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

February 20, 2024


Bitcoin spawned flash volatility at the Feb. 20 Wall Street open as a classic “fakeout” burned traders.

Bitcoin sellers quickly snuff out $53,000 push

Data from Cointelegraph Markets Pro and TradingView 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 highest levels in 26 months at the start of the week, remained at over $22.5 billion, per data from CoinGlass.

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