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    Crypto Markets Upward Trend: BTC Surges 11.5%, Solana Trading Volume Soars 312.13%


    Cryptocurrency markets have been on an upward trend over the past week, with Bitcoin (BTC) surging 11.5% and forming a bullish engulfing candle.[0] However, BTC/USD fell sharply below a high of $25,000 and is currently trading at $24,434.[1] Ethereum (ETH) is trading at $1,702, up by 7.50% from the past 24 hours.[2] The second largest crypto, Ethereum price falls by 0.95% in the last 24 hours while its market cap is 206.43 billion USD.[3]

    Data from CoinMarketCap showed that crypto traders had a trading volume of over $500 million for Solana in the past 24 hours.[4] Solana price soared by 12.45% in the previous 24 hours, with the market cap for this crypto standing at 10.01 billion USD.[5] Additionally, the trading volume has soared by 312.13% during the previous 24 hours.[5]

    Bitcoin is facing resistance at the $25,000 level and analysts believe the asset may enter a period of consolidation before making a fresh move. If resistance at $25,000 is successfully surpassed, the long-term increases could continue and the next target could be the $29,500 area.[6] Should a rejection occur, it will be essential to maintain support at $21,300.[6]

    The ever-popular Crypto Fear & Greed Index shows “greed” as the overriding sentiment flavor across crypto this week, with a reading of 62/100.[7] Moreover, the Federal Open Market Committee (FOMC) meeting at the Fed could also affect the Bitcoin price this week.[7]

    Furthermore, Bitcoin bulls have a problem, which is becoming increasingly evident on short timeframes — the 200-week moving average (WMA).[7] The 200WMA, the classic bear line, has acted as a resistance level since 2022.[7] If Bitcoin manages to break above the 200-week MA cloud, it is likely that more traditional finance coverage of crypto will return.[7]

    0. “Price analysis 2/20: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL” Cointelegraph, 20 Feb. 2023,

    1. “Bitcoin, Ethereum Technical Analysis: BTC Falls Below $25000 Following Recent Surge – Market Updates Bitcoin News” Bitcoin News, 17 Feb. 2023,

    2. “Crypto Price Today: Bitcoin below $24,000; Shiba Inu, Avalanche, Solana drop 5% each” msnNOW, 17 Feb. 2023,

    3. “Crypto Market Soared: A Smiley Day For Bitcoin Traders” The Coin Republic, 16 Feb. 2023,

    4. “CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways By CoinEdition”, 14 Feb. 2023,

    5. “Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL)” CoinGape, 20 Feb. 2023,

    6. “Bitcoin (BTC) Price Looking Bullish on Multiple Time Frames” BeInCrypto, 20 Feb. 2023,

    7. “5 most important Bitcoin events and metrics to watch this week” Crypto News Flash, 20 Feb. 2023,

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