Bitcoin (BTC) experienced a decline in price on February 20 due to limited buying demand caused by a public holiday in the United States. The BTC/USD 1-hour chart showed that the price reached a low of $51,329 on Bitstamp. The week started off flat for Bitcoin but ended with a dip after the daily close on February 19. However, the market was able to recover and reach $52,000. The closure of Wall Street on the previous day, which was President’s Day, meant that there were no new inflows into spot Bitcoin exchange-traded funds (ETFs). These inflows have been boosting market sentiment in recent weeks as investors try to anticipate institutional buying by purchasing BTC in advance. Trading resource Material Indicators suggested that the long weekend would allow BTC’s price action to calm down after recent rapid gains. In the event of a further dip, Material Indicators outlined potential support levels at $51,000, $50,000, and $48,600. An accompanying chart displayed the BTC/USDT order book liquidity on Binance. While Bitcoin’s performance remained lackluster, attention shifted to Ether (ETH), the largest altcoin. Ether’s price continued to show strength at the start of the week, reaching new 22-month highs of $2,984 on Bitstamp. Michaël van de Poppe, founder and CEO of trading firm MNTrading, stated that this is a significant period for investors to shift from Bitcoin to Ethereum. Another trader, Skew, noted that altcoins, in general, are promising for traders, but Bitcoin should still maintain its strength on weekly timeframes. It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
Ether price battles to reclaim $3K as Bitcoin lags in ETF inflows