After a sudden volatility spike on February 20, the crypto market raced upward but faced a major hurdle, resulting in Bitcoin’s resistance levels emerging at the $53,000 mark.
Traders noticed BTC’s price range expanding on February 20, as Bitcoin moved upward suddenly and touched $53,000. It underwent stiff resistance at the level, bottoming below $51,000. As a result, Bitcoin’s resistance levels gained strength at $53,000. Soon after, Bitcoin recovered and is currently trading just below $52,000.
If bulls gather enough momentum for BTC to cross $53,000, a longer rally could turn up in the crypto market. Meanwhile, other altcoins in the crypto market also saw minimal losses, likely led by BTC’s performance. On the other hand, BTC’s price range is currently static, which could also impact other tokens this week.
Moreover, experts have termed BTC’s movements in the last 24 hours as a mild correction. At the same time, altcoins like Solana, Avalanche, and Chainlink have seen massive gains in the last 12 months. SOL has surged by more than 300% during the same period, while AVAX and LINK posted 80% and 136% gains, respectively.
A recent crypto report also claimed ETH, Solana, and Polkadot will continue to see more inflows. According to the report, 2024 could become a season for an altcoin rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,600 on February 21, 2024, with BTC/USD trading lower by a margin of 0.2% 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 (46,528.77), as BTC’s 24-hour volume was at around $32 billion. The global crypto market cap decreased by around 0.98%, trading above $1.96 trillion. BTC’s year-to-date returns are at 23.25%.
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