Crypto Price on February 12: Bitcoin holds above $48,000; Solana, Avalanche shed up to 4%

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The cryp­tocur­ren­cy mar­kets were trad­ing mar­gin­al­ly low­er in Mon­day’s trade after Bit­coin hit the 48,000 mark over the week­end. The glob­al cryp­tocur­ren­cy mar­ket cap fell 0.8% to around $1.8 tril­lion in the last 24 hours.

At 11:50 a.m., Bit­coin was trad­ing 0.14% low­er at $48,128, while Ethereum was down 1.15% at $2,498.

Mean­while, oth­er alt­coins such as Solana, Avalanche, Car­dano and Poly­gon fell 3–4%. XRP, Doge­coin, Chain­link, Polka­dot, Inter­net Com­put­er and Shi­ba Inu also declined up to 3%.

BTC has been reg­is­ter­ing an upward price action since last week, giv­en the spot ETF momen­tum. A recent post by Glassnode high­light­ed that on-chain indi­ca­tors assess­ing BTC’s val­ue show that we may have entered the ini­tial stages of a bull mar­ket, said Parth Chaturve­di, Invest­ments Lead, Coin­Switch Ventures.

Shiv­am Thakral, CEO of BuyU­coin, said, “The cryp­to mar­ket con­tin­ues the upward trend dri­ven by increas­ing inter­est and adop­tion of Bit­coin Spot ETFs. Over the week­end, Bit­coin rose more than 6% in a day, mark­ing resis­tance around $49,000 and closed above $48,000 today. Any break­out above $49,000 could push the price towards $50,000 and poten­tial­ly towards the all-time high region above $60,000. Once Bit­coin dom­i­nance cools down, Ethereum and alt­coins can also see a poten­tial rapid jump in their mar­ket capitalization.“The total vol­ume in DeFi is cur­rent­ly $4.5 bil­lion, 9.96% of the total cryp­to mar­ket 24-hour vol­ume. The vol­ume of all sta­ble­coins is now $40.32 bil­lion, which is 89.34% of the total cryp­to mar­ket 24-hour vol­ume, as per data avail­able on CoinMarketCap.In the last 24 hours, the mar­ket cap of Bit­coin, the world’s largest cryp­tocur­ren­cy, surged to $943 bil­lion. Bit­coin’s dom­i­nance is cur­rent­ly 52.5%, accord­ing to Coin­Mar­ket­Cap. BTC vol­ume in the last 24 hours increased 2.07% to $19 bil­lion.“Bit­coin price is hov­er­ing around $42,585, most like­ly to break above $49,000, with key sup­port at $47,680. Tech­ni­cal indi­ca­tors favor a bull­ish out­look with an RSI around 77,” said Sathvik Vish­wanath, Co-Founder & CEO of Unocoin.

Tech view by ZebPay Trade desk

Bit­coin’s recent ral­ly has encoun­tered a for­mi­da­ble obsta­cle at the $48,970 resis­tance lev­el, set­ting the stage for a fierce bat­tle between bull­ish and bear­ish forces. The broad­er mar­ket land­scape reflects a bull­ish fer­vour, with risky assets expe­ri­enc­ing a sus­tained uptrend. The S&P 500 Index, for instance, has notched five con­sec­u­tive weeks of gains, mir­ror­ing Bit­coin’s robust per­for­mance which surged over 13% this week alone, sig­nalling aggres­sive buy­ing activ­i­ty among investors. The total assets under man­age­ment for these ETFs have sky­rock­et­ed to $10 bil­lion, reflect­ing grow­ing con­fi­dence in Bit­coin’s invest­ment potential.


After giv­ing a break­out above the key resis­tance of $28,500, Bit­coin wit­nessed a sharp ral­ly and the prices surged almost by 71.5% and made the high of $48,969. The asset failed to give a dai­ly clos­ing above the key resis­tance of $48,000 and saw some prof­it book­ing and the prices dropped to $38,555. Post this move BTC made a ‘ham­mer’ can­dle and start­ed mov­ing up by form­ing a ‘High­er High­er High­er Low’ pat­tern up to $48,826. How­ev­er, the bulls are strug­gling to break the recent high of $48,969. If BTC holds and sus­tains above $48,000 and breaks the recent high then it may fur­ther surge up to $52,000.

(Dis­claimer: Rec­om­men­da­tions, sug­ges­tions, views and opin­ions giv­en by the experts are their own. These do not rep­re­sent the views of The Eco­nom­ic Times)

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