Altcoins Hit New Highs As Bitcoin Price Retests Key Support

The uptrend in the cryptocurrency market continued on February 18, as Bitcoin (BTC) is trading close to $ 51,000 and Ether (ETH) is about to hit the $ 2,000 level for the first time; retail traders are long while professional traders are less optimistic in the short term.

Data from Cointelegraph Markets and TradingView shows that Bitcoin price has slightly retreated from recent all-time highs to a current value of $ 51,924, while ETH price has risen 5.66% to an all-time high of $ 1,950.

Canadian investors showed their healthy appetite for accessing the most important cryptocurrency, as the debut of the Canadian Bitcoin ETF registered a volume of almost $ 100 million during the first hours of trading.

Daily performance of the cryptocurrency market. Source: Coin360

For his part, the co-founder of Microsoft, Bill Gates, indicated that he has adopted a “neutral view” on Bitcoin and that he is neither short nor long on the asset, since he considers that BTC “can rise and fall only depending on the mania or what is seen . “

New levels of support and resistance emerge for BTC

Chad Steinglass, head of operations at CrossTower, has identified that the next wall of resistance for Bitcoin is around the $ 53,000 level, while its current support level is around $ 51,000, creating a “narrow channel” that is little. likely to “hold for a long time.”

In a private conversation with Cointelegraph, Steinglass stated:

“Below $ 51,000 there is more support at $ 49,000, and above $ 53,000. I expect the next level of resistance to come around the $ 56,000 mark, which is another level of high open interest options. ”

When it comes to Ether (ETH), Steinglass noted that the recent altcoin sell-off “dragged ETH down along with them,” but as the sell-off declined on February 18, Ether was able to “break free and go higher.”

ETH / USDT 4-hour chart. Source: TradingView

Steinglass took the resistance shown by Ether during a turbulent market in altcoins as a “Sign that the story behind ETH is broader and more robust than the recent altcoin frenzy that used ETH for staking purposes.”

Rising Unemployment Claims Put Pressure on Traditional Markets

Traditional markets came under pressure on February 18, as The economic recovery from the Covid pandemic falters in the US and applications for unemployment benefits increased after several weeks of downward trend in the metric.

The S&P 500, the Dow and the NASDAQ ended the day in the red, with a decrease of 0.44%, 0.38% and 0.72% respectively.

Multiple altcoins set new highs

Altcoins bounced back from their recent slide to see healthy price gains on Thursday; Binance Coin (BNB) outperformed the rest of the top ten altcoins as it surged more than 20% in the past 24 hours to a new all-time high of $ 218.94

BNB / USDT 4-hour chart. Source: TradingView

Dogecoin (DOGE) and IOTA (MIOTA) have also risen approximately 16% to a price of $ 0.059 and $ 1.52 respectively, while REN has gained 20.75% to reach a new record of $ 1.21.

The total market capitalization of cryptocurrencies now stands at $ 1.57 trillion and Bitcoin’s dominance rate is 60.6%.

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