Even though other altcoins rallied last week, Bitcoin’s dominance held its strength in the crypto market, while its support levels were also firm.
Bitcoin held its support at over $50,000 during the weekend, while the $52,000 acted as a resistance level. Meanwhile, Bitcoin’s price strength has hovered at similar levels for over a week, resulting in static movements. Other altcoins, including ETH, displayed positive returns over the same period. But at the same time, Bitcoin’s dominance hasn’t reduced in the crypto market.
Bitcoin’s price support at $50,000 could become critical for bulls to defend in the upcoming week. Moreover, a buying opportunity could also emerge soon if bears are unable to pull Bitcoin below the level. Bitcoin’s narrow trading zone has persisted for over a week, and it is uncertain if it’ll continue this way.
Besides, the spot Bitcoin ETFs have seen rising weekly inflows, which could support the crypto market foundationally. On a positive note, the US securities regulator SEC is exploring opinions for options trading in the spot Bitcoin ETFs. The SEC published the official notice of the change in the rule. The move could also lead to investors adopting the ETFs as a viable option for options trading, leading to more adoption.
ETH is trading above $3000 among other crypto tokens, with weekly gains of over 7%. Most other tokens traded sideways.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,500 on February 25, 2024, with BTC/USD trading higher by a margin of 1.13% in the last 24 hours. Bitcoin’s market cap was trading at around $1.01 trillion.
BTC/USD is trading higher than its 20-day EMA (47,542.66), as BTC’s 24-hour volume was at around $16 billion. The global crypto market cap increased by around 1.02%, trading above $1.98 trillion. BTC’s year-to-date returns are at 21.66%.
Join Millionero, a user-friendly crypto exchange, and start trading crypto today!