Bitcoin Set To Register First Bearish Weekly Candle In Over One Month

• Bitcoin is about to register its first bearish weekly candle in over one month.
• BTC is down by 2% on the weekly chart, entering the last few hours of the current week.
• JP Morgan’s strategists think the current BTC price already reflects the upcoming Bitcoin halving’s impact.

Bitcoin is about to register its first bearish weekly candle in over one month following a pullback from the recently achieved yearly high of $53,015. TradingView data show the flagship cryptocurrency is down by over 2% as the market enters the last few hours of the current week.

A resurgence in retail trading triggered a steep rally that saw Bitcoin’s price climb above $53,000 within four weeks. The pioneer crypto bounced from a $38,505 local low on January 23, rallying to $53,015 by February 20. With the rally, Bitcoin gained nearly 38% and climbed over the $50,000 psychological level.

Many analysts believe the recent Bitcoin rally reflects the impact of the recently approved spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Others believe besides the ETF approval, the upcoming Bitcoin halving also played a significant role in the recent Bitcoin rally.

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