Bitcoin Stays at $52K. Is a BTC Correction Coming Soon?

• Bitcoin (BTC) is holding strong above $52,000.
• Investor sentiment has turned bullish, with growing interest in call options priced above $60,000.

Recently, Bitcoin (BTC) has broken through the $52,000 barrier, fueled by sustained interest from institutional traders who continue to drive up demand for the cryptocurrency. The surge in Bitcoin’s price reflects a notable shift in investor sentiment, with a particular focus on call options set at high strike prices, indicating robust confidence in Bitcoin’s potential for further treasuring.

Further, investors are increasingly eyeing call options above $60,000, underscoring a bullish outlook on Bitcoin’s trajectory and signaling anticipation for significant price gains. Amidst this optimistic backdrop, Bitcoin is consolidating gains above the $52,000 resistance level and trading comfortably above the 100-hourly simple moving average, currently hovering around $52,350.

Bitcoin (BTC) Price Chart (Source: TradingView)

Although there was a slight dip below the $52,800 mark recorded on February 15, Bitcoin has managed to maintain its upward momentum. If the trend continues, the immediate resistance lies near $52,700, with key resistance levels at $53,250 and $53,860. A decisive breach above these levels could pave the way for a rally towards $54,000, with further upside potential towards $55,000.

Conversely, failure to surpass the $52,800 resistance zone could trigger a downside correction. Initial support is at around $51,700, followed by a crucial support level at $51,500. A break below $51,300 may signal bearish momentum, potentially leading to a retreat toward the $50,200 support zone and $49,450.

MicroStrategy Seen Huge Profit in BTC 

MicroStrategy, a leading business intelligence firm, has reported staggering profits from its Bitcoin holdings, which now exceed $10 billion. The company’s strategic investment in Bitcoin, initiated in 2020, has yielded remarkable returns, with its 190,000 Bitcoins valued at $10 billion as of the firm’s Q4 2023 report. MicroStrategy’s cost basis of $5.93 billion reflects a significant 70% unrealized profit from the weighty gains derived from its Bitcoin bet.