Bitcoin sell-off alert: reliable indicator warns of imminent correction

So far, 2024 has been a strong year for Bitcoin (BTC). While one of the earliest positive developments for the cryptocurrency – the approval of a series of U.S.’ first-ever spot BTC exchange-traded funds (ETFs) – led to a brief but significant crypto market downturn, the recovery in the second half of January and February has been nothing short of staggering.

Bitcoin particularly found itself at the center of attention after it entered into a major and ongoing surge on February 26 which, by February 29, saw it rise above $60,000 for the first time since 2021.

The momentum couldn’t be stopped even by a flash crash to $58,700 as the cryptocurrency exchange Coinbase (NASDAQ: COIN) buckled under pressure stemming from a surge of public interest in Bitcoin on February 28.

Additionally, the uptrend is seemingly ongoing as the latest 24 hours saw BTC rise another 3.41%.

Bitcoin has been showing significant strength in the long-term as well and is as much as 165.46% in the green in the last 52 weeks – with its performance from the start of Q3 2023 accounting for much of this rise – and is 42.01% up year-to-date (YTD).

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