Sunday, July 21, 2024

Market Watch Feb 16: Crypto market looks bright, Bitcoin crosses $44,000

The crypto market is shining brightly after Russia started to withdraw its troops from the Ukrainian border. This prompted the popular crypto to take advantage and cross the $44,000 mark.

Currently, bitcoin has been up by 0.79% in the past 24-hours and is trading at $44,005. It has pushed ethereum across the $3,000 threshold. The world’s second most popular cryptocurrency is up by 3.73% in the past 24-hours and is trading at $3,140.

If conditions remain favorable, BTC could break the resistance at $45,000. The next rally could be at $46,800. However, it won’t be an easy climb for the popular crypto. But there is immediate support near the $43,500 level. Analysts believe the next support is around the $43,200 level.

The altcoins are in the green. Cardano has gained 6% with a clear move above the $1.08 resistance, and the price is likely to touch $1.12 or dip to $1.05. XRP is up by 1.31% in the past 24-hours and is trading at $0.83. Avalanche is the biggest gainer, having soared nearly 11% in the past 24-hours. It is trading at $93.65, as per CoinMarketCap. Polkadot has also witnessed gains of nearly 3% and is trading at $19.70.

Meanwhile, Rekt Capital has taken to a Twitter post to summarize the spike in the crypto market. Capital updated its followers that bitcoin has broken out from its downtrend channel and reclaimed the 4HR range. The analyst believes BTC is trying to crack the 50-week moving average to flip to support. It would confirm bullish bias for the popular crypto.

Ecoinometrics, an analytics account, stated that investors – big and small making BTC allocations experienced potential pressure on bitcoin from falling stocks. It highlighted all is good for bitcoin.

The gains have been attributed to exceptionally high stocks correlation under current circumstances. This has boosted a deeper bitcoin price correction.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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