Crypto Markets Upward Trend: BTC Surges 11.5%, Solana Trading Volume Soars 312.13%
By 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, https://cointelegraph.com/news/price-analysis-2-20-spx-dxy-btc-eth-bnb-xrp-ada-matic-doge-sol
1. “Bitcoin, Ethereum Technical Analysis: BTC Falls Below $25000 Following Recent Surge – Market Updates Bitcoin News” Bitcoin News, 17 Feb. 2023, https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-falls-below-25000-following-recent-surge
2. “Crypto Price Today: Bitcoin below $24,000; Shiba Inu, Avalanche, Solana drop 5% each” msnNOW, 17 Feb. 2023, https://www.msn.com/en-in/money/topstories/crypto-price-today-bitcoin-below-dollar24000-shiba-inu-avalanche-solana-drop-5percent-each/ar-AA17AvN8
3. “Crypto Market Soared: A Smiley Day For Bitcoin Traders” The Coin Republic, 16 Feb. 2023, https://www.thecoinrepublic.com/2023/02/16/crypto-market-soared-a-smiley-day-for-bitcoin-traders
4. “CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways By CoinEdition” Investing.com, 14 Feb. 2023, https://www.investing.com/news/cryptocurrency-news/ceo-of-analytic-firm-cpi-news-today-could-push-bitcoin-sideways-3003047
5. “Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL)” CoinGape, 20 Feb. 2023, https://coingape.com/crypto-prices-today-bitcoin-btc-ethereum-eth-polkadot-dot-solana-sol/
6. “Bitcoin (BTC) Price Looking Bullish on Multiple Time Frames” BeInCrypto, 20 Feb. 2023, https://beincrypto.com/bitcoin-btc-price-bullish-multiple-time-frames
7. “5 most important Bitcoin events and metrics to watch this week” Crypto News Flash, 20 Feb. 2023, https://www.crypto-news-flash.com/bitcoin-stable-above-24k-getting-ready-to-explode-to-30k-5-most-important-btc-events-and-metrics-to-watch-this-week
