Wednesday, April 21, 2021

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 stage for the primary time as retail traders remain long while pro traders are less optimistic within the brief time period.

Information from Cointelegraph Markets and TradingView reveals Bitcoin value has pulled again barely from current all-time highs to a present worth of $51,924 whereas ETH value has elevated 5.66% to a document 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 almost $100 million in volume through the first few hours of buying and selling.

Day by 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 brief nor lengthy on the asset, feeling that BTC “can go up and down simply based mostly on the mania or regardless of the views are.”

New assist and resistance ranges emerge for BTC

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

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

“Beneath $51,000 there’s extra assist at $49,000, and above $53,000. I anticipate the subsequent pocket of resistance to return round $56,000, which is one other giant open curiosity choice 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 sturdy than the current frenzy in altcoins that utilized ETH for staking functions.”

Improve in jobless claims places stress on conventional markets

Conventional markets fell below 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 pattern 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 value 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 value of $0.059 and $1.52 respectively, whereas REN gained 20.75% to notch a brand new document excessive at $1.21.

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