Crypto Price Analysis: This weakened the cryptocurrency market is quite volatile as the market participants are witnessing waning bullish momentum in Bitcoin. The leading digit asset is struggling, and BTC experienced a major road at $52000 resistance. The newfound supply pressure is also influencing altcoin as the major cryptocurrencies are showcasing signs of reversal.
However, with the broader market still bullish, a retracement could also allow crypto buyers to recuperate strength for the higher rally.
In a recent tweet by Bloomberg analyst Eric Balchunas, it was revealed that Bitcoin exchange-traded funds (ETFs) experienced a significant Inflow of capital, netting approximately $2.3 billion in the last week. This figure surpasses the inflow of any other ETF among the 3,400 tracked, with $BITT standing out as the second-highest in the list.
The substantial gain has pushed the total net to over $5 billion, positioning Bitcoin ETFs ahead of investment giant BlackRock in terms of net inflows. Balchunas highlighted that this is a net figure which, when excluding the GBTC bleed—referring to the outflow from Grayscale Bitcoin Trust—makes the numbers even more impressive.
The 10 bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in. Again, this is all net GBTC bleed. Throw that out and the… https://t.co/PlxnfQ7ETf pic.twitter.com/04LTixd3Zt
— Eric Balchunas (@EricBalchunas) February 17, 2024
Also Read: Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why
Keys Supports to Watch If Bitcoin Price Enters New Correction
In the last three weeks, the Bitcoin price has seen a significant rebound, fueled by a surge in inflows into Spot Bitcoin ETFs. Rising more than 37% from its recent low of $38,550, the cryptocurrency’s value has soared to a peak of $52,865.
However, the overhead supply at $52000 stalled this recovery on the weekend, turning the BTC price sideway in a 4-hour time frame chart. The overhead supply may trigger a bearish reversal but it’s beneficial for the asset after an aggressive rally.
In case of possible pullback, the key support as per the Fibonacci retracement tool is at $49458, followed by $47400, coinciding with the 23.6% and 38.2% FIB.
As per recent data from crypto analytics firm Coinglass, the Bitcoin futures open interest surged from $17.4 billion to $23.81 billion within two weeks, registering a 36.84% growth. Such a rise suggests new money entering the market, which could influence Bitcoin’s demand and price positively.
Also Read: Crypto Prices Today: Bitcoin Nears Drop Below $52K, ETH, SOL, XRP, PEPE Decline
Cardano Futures Surge Signals Soaring Investor Confidence
Defying the waning bullish momentum in the crypto market, the Cardano price continues to march higher registering 7.5% in the last 24 hours, Amid the broader market, this recovery initiated in January ended at $0.46, bolstering a 36% gain within a month.
In the same period, the Cardano (ADA) futures open interest surged from $216.5 million to $426.27 million, registering a 96.89% growth. This substantial increase highlights a growing interest in Cardano futures, suggesting investors are either optimistic about ADA’s future price or seeking to hedge against its volatility.
As earlier reported by Coingape a bullish breakout from the pennant pattern is driving the current recovery in ADA price. With sustained buying, the coin holders may witness a surge to $0.676, followed by $0.75.
Also Read: Cardano (ADA) Price Breakout Above $0.60 Opens Gates for Mega Bullrun to $8
The Graph’s Network Expansion Ignites GRT Price Surge
The Graph token (GRT) has recently entered an aggressive recovery, escalating from $0.149 to $0.217, marking a substantial 45% increase. This rally, mirroring the broader market’s growth, is partly fueled by the network’s Q4 2023 expansion.
A tweet from the Graph’s official account on the X platform (previously known as Twitter) highlighted a 65% surge in query volume and advancements in Layer 2 transactions. The network’s reinforced infrastructure, underscored by over 1,500 subgraphs and the roll-out of a new Indexer, has likely reinforced investor optimism. The debut of the New Era Roadmap, along with the implementation of a Free Query Plan, has further strengthened this sentiment.
In the Q4 2023, The Graph ecosystem shipped several critical updates shaping the future of decentralized data, evolving the protocol to serve more data needs and web3 builders in 2024
Here are some key takeaways from the Q4 2023 Participant Update
The Graph Network… pic.twitter.com/jQ7vJaDAOn
— The Graph (@graphprotocol) February 16, 2024
The Graph Network… The Graph’s valuation rose by 15% in the past day alone, hinting at a potential bullish departure from the ‘cup and handle’ pattern’s neckline resistance. A successful push past this threshold could indicate a significant trend reversal and create fresh entry points for investors. Should this breakout persist, it’s projected that GRT’s price could climb to $0.375.
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The post Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5% appeared first on CoinGape.
