The upward trend in the cryptocurrency market continued on February 18, when Bitcoin (BTC) traded near $ 51,000 and Ether (ETH) traded near the $ 2,000 level for the first time as retailers stayed long while professional traders are less optimistic in the short term.
Data from Cointelegraph Markets and TradingView show that Bitcoin price fell slightly from recent all-time highs to a current value of $ 51,924, while ETH price rose 5.66% to a record high of $ 1,950.
Investors in Canada showed their wholesome appetite for access to the top cryptocurrency when the Canadian Bitcoin ETF debuted nearly $ 100 million in its early hours of trading.
Daily market performance in cryptocurrencies. Source: Coin360
In the meantime, Microsoft co-founder Bill Gates stated that he is “neutral” about Bitcoin and that it is neither short nor long. He believes that BTC “can only go up and down based on mania or views. ”
New levels of support and resistance are emerging for BTC
Chad Steinglass, Head of Trading at CrossTower, has identified the next resistance wall for Bitcoin at $ 53,000, while the current support level is at $ 51,000. This creates a “narrow channel” that is unlikely to “last very long”.
In a private conversation with Cointelegraph, Steinglass stated:
“Under $ 51,000 there is more support at $ 49,000 and above $ 53,000. I expect the next pocket of resistance will be at $ 56,000, which is another big open interest options strike. “
Regarding Ether (ETH), Steinglass stated that the recent Altcoins sell-off “pulled ETH with it,” but when the sell-off subsided on February 18, Ether was able to “break free and drive higher.”
ETH / USDT 4-hour chart. Source: TradingView
Steinglass took the resilience of ether during a turbulent altcoin market as “a sign that the story behind ETH is bigger and more robust than the recent altcoin frenzy that used ETH for operational purposes”.
The increase in unemployment claims is putting pressure on traditional markets
Traditional markets came under pressure on February 18 as the economic recovery from the U.S. Covid pandemics and jobless claims increased after several weeks of downtrend in the metric.
The S&P 500, Dow and NASDAQ ended the day down 0.44%, 0.38% and 0.72%, respectively.
Several altcoins set new heights
Altcoins bounced back from their recent decline and posted healthy gains on Thursday. Binance Coin (BNB) outperformed the rest of the top ten as it rose more than 20% in the past 24 hours to a new all-time high of $ 218.94
BNB / USDT 4 hour chart. Source: TradingView
Dogecoin (DOGE) and IOTA (MIOTA) are also up around 16% to a price of $ 0.059 and $ 1.52, respectively, while REN rose 20.75% to hit a new record high of $ 1.21.
The market cap for cryptocurrencies is now $ 1.57 trillion, and Bitcoin’s dominance rate is 60.6%.