Bitcoin Dips Amid US Public Holiday: Ether Records 22-Month High
Summary:
Due to the US public holiday, Bitcoin (BTC) experienced an intraday low, plummeting to $51,329 on Bitstamp. While Bitcoin's performance was underwhelming, the largest altcoin, Ether (ETH) gained momentum, hitting a 22-month high of $2,984. The focus shifted from Bitcoin to Ethereum, hinting at considerable opportunities for altcoin traders if Bitcoin maintains its anticipated strength in the coming week. Traders are urged to conduct a thorough risk-assessment before making any decisions.
On February 20, Bitcoin (BTC) experienced a dip due to a decrease in purchasing demand as a result of the United States public holiday. Trading data from Cointelegraph Markets Pro and TradingView showed BTC's lowest price drop to $51,329 on Bitstamp during this intraday low. The start of the week was relatively steady, but apprehension following the closure on February 19 led to a recovery back to $52,000. There were no fresh inflows into Bitcoin spot exchange-traded funds (ETFs) due to the previous day’s closure for President’s Day. These inflows have recently influenced market mood, with others buying BTC ahead to anticipate institutional action. Trading platform Material Indicators suggested that the holiday period could moderate BTC price activities after previous quick increases. If BTC couldn't stabilize from this point, potential lower targets were plotted out. Material Indicators' analysis noted that if neither the $51K nor the subsequent $50K and $48.6k levels held, the market could expect some short-term excitement. However, the long-term outlook remained unchanged.
Meanwhile, the focus turned to Ether (ETH), the largest altcoin, as Bitcoin displayed underwhelming performance. Ether's price maintained its previous strength and reached a 22-month high of $2,984 on Bitstamp, marking the start of the week. Michaël van de Poppe, founder and CEO of MNTrading, expressed that this was a significant time for the shift from Bitcoin to Ethereum. He noted Ethereum's upward trend, contrasting with Bitcoin's stability
Moreover, renowned trader Skew asserted that altcoins, in general, present promising opportunities for traders, alongside Bitcoin's anticipated strength in the coming week. However, he clarified that traders need to conduct in-depth research before making a decision as trading carries inherent risks. This piece is not intended as investment advice, but instead, urges readers to perform their own risk assessment when considering decisions.
Published At
2/20/2024 11:08:18 AM
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