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Updated February 20th, 2024 at 12:04 IST

Crypto market remains stable as Bitcoin regains 1 trillion mark

Experts suggest that Bitcoin is signalling overbought conditions, leading to investor caution regarding potential consolidation

Reported by: Anirudh Trivedi
Bitcoin
Bitcoin | Image:Unsplash
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Crypto market overview: In the last 24 hours, Bitcoin has been trading close to the $52,790 level with a 0.41 per cent rise in its price. In terms of 7-day returns, ETH has outperformed Bitcoin with a 10.55 per cent return compared to a 3.78 per cent return of Bitcoin. ETH also broke past the $2,900 level for the first time in two years. 

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After rising to levels close to 80 points, the Crypto Fear and Greed Index is currently hovering at 72 points. The overall market sentiment remains greedy despite minor decline in the total market capitalisation of 

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Image credit: Alternative.me

Highlighting the investor hesitation before a strong consolidation in charts, Rajagopal Menon, Vice President, WazirX said, “In the current market scenario, Bitcoin is signalling overbought conditions, leading to investor caution regarding potential consolidation. The cryptocurrency is approaching its next resistance level at $53,000, and a successful breakthrough could trigger substantial growth momentum.” 

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“Meanwhile, Ethereum is displaying an ascending channel pattern, with its next resistance identified at $3,500. The cryptocurrency has departed from its typical daily movement patterns. Investors are exercising caution as a short-term buying spree is evident, accompanied by a bullish momentum reflected in its moving averages,”  added Menon. 

Shivam Thakral, CEO, BuyUcoin said, “The total crypto market capitalisation is $1.95 trillion, a 0.01 per cent decrease from the last day. At the same time, Bitcoin dominance has slowly decreased from 52 per cent last week to 51.30 per cent today after seeing a decrease of -0.22 per cent in the last 24 hours. The market optimism around Bitcoin halving continues as Bitcoin tries to break the $53,000 Resistance. AI Crypto coins also experienced a massive surge particularly World Coin reaching a new ATH this week.” 

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Comparing the performance of Bitcoin with Ethereum, CoinSwitch Markets Desk said, “ETH outperformed BTC in the last 24 hours as it also broke past the $2,900 level for the first time in two years. As the spot BTC ETF narrative plays out, investor focus seems to be gaining momentum towards spot ETFs for Ethereum.” 

Edul Patel CEO of Mudrex said, “Following an attempt to surpass the $52,000 resistance, Bitcoin is currently consolidating at $51,700, with market participants taking profits. The immediate challenge lies at $52,200, and failure to breach it may result in support at the $51,300 level. On a different note, Ethereum has broken above the $2,900 level for the first time since May 2022, demonstrating a 10 per cent gain over Bitcoin in the last seven days.

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Vikram Subburaj, CEO, Giottus said, “Bitcoin is facing resistance at $52,000 and has dipped by 1 per cent today. BTC will likely consolidate at current levels and make a play for $53,000 where it will liquidate sizable shorts in the market. Analysts are expecting key quarterly reports, including NVIDIA's this week, to impact crypto market sentiment as well.” 

“Ethereum is primed for a push for $3,000 and beyond if BTC sustains current levels. Altcoins will rally well if Ethereum surges. Key upside targets for altcoins: Ethereum ($2,950), BNB ($365), Solana ($125), Cardano ($0.65), and Avalanche ($42),” shared Subburaj. 

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Published February 20th, 2024 at 12:04 IST

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