Altcoins breakout to new highs while Bitcoin price retests a key support

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Bullishness within the cryptocurrency market continued on Feb. 18 as Bitcoin (BTC) trades close to $51,000 and Ether (ETH) is inside attain of the $2,000 degree for the primary time as retail traders remain long while pro traders are less optimistic within the quick time period.

Knowledge from Cointelegraph Markets and TradingView exhibits Bitcoin worth has pulled again barely from current all-time highs to a present worth of $51,924 whereas ETH worth has elevated 5.66% to a file excessive of $1,950.

Traders in Canada confirmed their wholesome urge for food for entry to the highest cryptocurrency because the debut of the Canadian Bitcoin ETF noticed practically $100 million in volume in the course of the first few hours of buying and selling.

Every day cryptocurrency market efficiency. Supply: Coin360

In the meantime, Microsoft co-founder Invoice Gates indicated that he has taken a “neutral view” on Bitcoin and is neither quick nor lengthy on the asset, feeling that BTC “can go up and down simply primarily based on the mania or regardless of the views are.”

New help and resistance ranges emerge for BTC

Chad Steinglass, Head of Buying and selling at CrossTower, has recognized the following wall of resistance for Bitcoin round $53,000 whereas its present help degree is round $51,000, making a “slim channel” that’s unlikely to “maintain for very lengthy.”

In a non-public dialog with Cointelegraph, Steinglass said:

“Under $51,000 there may be extra help at $49,000, and above $53,000. I count on the following pocket of resistance to return round $56,000, which is one other massive open curiosity possibility strike.”

In terms of Ether (ETH), Steinglass indicated that the current selloff in altcoins “dragged ETH down together with them,” however because the selloff subsided on Feb. 18 Ether was capable of “break away and drive greater.”

ETH/USDT 4-hour chart. Supply: TradingView

Steinglass took the resilience proven by Ether throughout a turbulent market in altcoins as a “signal that the story behind ETH is extra broad and strong than the current frenzy in altcoins that utilized ETH for staking functions.”

Improve in jobless claims places stress on conventional markets

Conventional markets fell beneath stress on Feb. 18 because the financial restoration from the Covid pandemic sputters within the U.S. and unemployment claims elevated following a number of weeks of a downward development within the metric.

The S&P 500, Dow and NASDAQ all completed the day within the crimson, down 0.44%, 0.38% and 0.72% respectively.

A number of altcoins set up new highs

Altcoins bounced again from their current dip to see wholesome worth positive factors on Thursday, with Binance Coin (BNB) outperforming the remainder of the highest ten because it elevated greater than 20% over the previous 24-hours to a brand new all-time excessive of $218.94

BNB/USDT 4-hour chart. Supply: TradingView

Dogecoin (DOGE) and IOTA (MIOTA) have additionally elevated by roughly 16% to a worth of $0.059 and $1.52 respectively, whereas REN gained 20.75% to notch a brand new file excessive at $1.21.

The general cryptocurrency market cap now stands at $1.57 trillion and Bitcoin’s dominance fee is 60.6%.