The price of bitcoin has slowed down. Will the BTC price continue to move like its historical pattern?

Since February 15, the bitcoin price has slowed down after its previous strong increase and stopped around USD 50. The quotations have been in consolidation for eight days, ranging from USD 000 to USD 53. It is in this price range that one may wonder whether bitcoin is being distributed on the market or perhaps its re-accumulation before the halving, which is two months away.

Inflows into ETFs have started

The beginning of this week indicated that investors were very cautious about further investing their funds in... ETFs on bitcoin. On Monday, February 20, the inflow amounted to USD 135,6 million and was the lowest since the beginning of the month. In turn, on February 21, the first net outflow of funds appeared in the amount of USD 88,1 million, which was the first net withdrawal of funds since January 25. Perhaps investors have been waiting for Nvidia results, to decide whether to take further risks based on market sentiment.

If these results were to disappoint, most markets would likely fall. However, this did not happen, the results turned out to be surprisingly positive again and yesterday we could observe a net inflow to bitcoin ETFs amounting to USD 251,4 million.

The total value of held positions in Bitcoin ETFs has already exceeded USD 5 billion and amounted to USD 5,212 billion until yesterday. Interestingly, yesterday, as ETFs continued to hold BTC, bitcoin rate did not increase. This could mean that Wall Street is re-accumulating positions by collecting bitcoins from other market participants. However, it is worth observing the behavior of both sides over the next few days.

Bitcoin statistics may indicate consolidation until March

Average of price behavior Bitcoin from previous years is very well respected this year by the current quotations. The price of bitcoin hit a bottom on January 23, just as the historical average indicated, while the average set a peak on February 19, which actually fell on February 20. If history were to repeat itself, the first local low could occur on February 26 and then on March 14. This could then be the end of the correction or consolidation in Bitcoin, and the next statistical upward move could last until April 9. Of course, time will soon tell us what it will be like, but to this day the price seems to respect the historical pattern.