Bitcoin and Ether Market Update: February 20, 2019
The total crypto market cap is up $10.5 billion since February 18 and now sits at ~$133.3 at the time of writing. For the same time period bitcoin (BTC) is up 7.3 percent to $3,900 while ether (ETH) gained 7.5 percent to $141.
Bitcoin bulls have been in control since February 15 when the last attempt from sellers to push the price below $3,640 was rejected. The successful defense of the mentioned level, which also coincides with the Fibonacci 61.80 percent line, confirmed a short-term reversal in trend and suggested that the next target would naturally be $3,750 to $3,760. This resistance was already tried a few times since mid-January and proved to be a solid one, also marking the Fibonacci 50 percent.
On February 18, the BTC/USD pair managed to break above $3,750 in its fourth consecutive day of gains until closing at $3,977 on the Bitfinex daily chart. The move represented a 6.5 percent price increase compared to the previous day when we saw the most popular cryptocurrency ending its trading session at $3,735. It is worth noting that during day trading, BTC crossed the $4,000 mark for the first time since January 9.
Until this moment, BTC trading volumes in February have been stable above $3.5 billion and significantly higher compared to the ones registered during the first month of the year. The numbers skyrocketed on February 14 and February 15 before peaking at $12 billion. Then, after a short drop to $5 billion on February 18, market watchers saw volumes double the next day.
On February 19, bitcoin reached a 40-day high after trading above $4,000. Buyers were not able to use the bullish momentum, however, and observers saw the pair trading at $4,085 during the day only to close the session at $3,992.
In the early hours of February 20, Satoshi Nakamoto’s project is trading just below at $3,980, so commentators expect profit taking moves or a small correction in price in the coming days.
The ETH/USD pair started the new week at $136 on February 18 and closed the trading session on the same day at $149, which represented a 9.6 percent increase on the daily chart. Ether managed to break above $150 for the first time since January 9, just $10 shy of the 2019 high at $161.
Bulls were able to smash through the $143 mark, a position where they had been twice rejected in December 2018 before pushing to $161. The mentioned level also coincides with the Fibonacci 23.60 percent.
One of the most popular altcoins peaked at $154 on February 19, but the price correction was already in place in the form of profit-taking, preventing further movement upwards, so it closed at $146.5. Trading volumes reached $5.5 billion on the same day, a 120 percent increase since February 18 when observers saw volumes at $2.5 billion.
In the early hours of February 20, ether is trading even lower, at $145.12. The target for bulls will be to defend $145 and initiate a run towards $161. Sellers will try to push below $145 and eventually $131.