Bitcoin initiates a gradual recovery, bolstering bullish momentum in ETH, UNI, FIL, and GRT. Following a two-week surge, Bitcoin’s price is now stabilizing near $52,000, as market sentiment remains optimistic with strong equity markets, an impending halving, and steady inflows into spot Bitcoin exchange-traded funds (ETFs). Analysts are closely monitoring these ETF inflows for insights into Bitcoin’s next move. Notably, Grayscale Bitcoin Trust outflows hit a low of $44 million on Feb. 24, indicating sustained positive sentiment in the crypto space despite Bitcoin’s consolidation above $50,000.
Bitcoin’s price action suggests a consolidation phase between $50,500 and $53,000, with indicators favoring bullish sentiment. A breakout above $53,000 could pave the way for a rally toward $60,000, while a failure to defend the $48,970 support level may shift the advantage to the bears, potentially leading to a decline to the 50-day simple moving average ($45,542).
ETH maintains its upward trajectory, with support near $3,000 indicating bullish control. A breakout above this level could trigger further gains toward $3,300 and $3,650, while a drop below the 20-day exponential moving average ($2,784) may signal profit-taking and result in a decline to $2,717 and eventually the 50-day SMA ($2,527).
UNI sees a correction after breaching the $7.79 resistance, with support likely at the 50% Fibonacci retracement level of $9.91. A rebound from this level could drive UNI/USDT toward $11.63 and $12.85, but a breach below $9.91 might indicate the end of the uptrend, potentially leading to a decline to the 61.8% Fibonacci retracement level of $9.21.
FIL faces resistance near $8.12-$8.57, with a successful breach signaling a continuation of the uptrend toward $10. Conversely, a drop below $7.70 could indicate bearish pressure, leading to a correction toward the 20-day EMA ($6.74).
GRT maintains its uptrend above the $0.23 breakout level, with support likely at the 20-day EMA ($0.22). A sustained move above $0.30 could propel GRT/USDT toward $0.37, but a break below the 20-day EMA may result in a decline to $0.23. Overall, while the bullish momentum persists, caution is warranted given potential signs of weakening strength indicated by negative divergences in some indicators.