Bitcoin Price Today (February 18): Best Analysis and Forecast
Daily Analysis of Cryptocurrency Price on February 17, 2021
Some coins have entered a short-term decline today as Bitcoin (BTC) has broken the vital $50,000 mark.
Yesterday, bulls tried to continue the race. They managed to pierce the psychological level of $50,000 and mark a new high above the $51,000 mark. But JPMorgan said the rally looked unsustainable unless bitcoin's volatility falls, Markets Insider cites.
Bitcoin's market capitalization has skyrocketed to close to $1 trillion. The price of bitcoin hit a record high above $51,700 on Wednesday after soaring past $50,000 for the first time on Tuesday. The surge brought the biggest cryptocurrency's market capitalization to close to $1 trillion.
The price has rocketed by about 78% in 2021, continuing an astonishing rally after dipping below $4,000 last March. Its market cap has grown by more than $700 billion since the end of September.
Bitcoin was up 4.6%, to $50,817.80, as of 9:40 a.m. ET, having earlier hit an intraday record of $51,719.11. Analysts have said that record amounts of monetary and fiscal stimulus are boosting the price by flooding markets with cash and creating fears about inflation and currency debasement.
Tesla's announcement earlier in February that it had snapped up $1.5 billion worth of bitcoin has powered the latest leg of the rally. Interest from big Wall Street names such as BlackRock, BNY Mellon, and Mastercard has also given cryptocurrencies legitimacy.
However, analysts at JPMorgan said on Tuesday that the high volatility remained a problem for the digital asset.
They said bitcoin was far more volatile than gold, which many crypto enthusiasts are hoping bitcoin can replace as a store of value in investors' portfolios. One measure, called three-month realized volatility, was at 87% for bitcoin compared with 16% for gold, they said.
Bitcoin is trading at $52,331.42 at press time.
|Photo: Trading View|
Ethereum rallied by 3.92% on Wednesday. Following a 0.08% gain on Tuesday, Ethereum ended the day at $1.852.00.
A bearish start to the day saw Ethereum slide to an early morning intraday low of $1,733.87 before finding support.
Steering clear of the first major support level at $1,730 Ethereum rallied to a late intraday high of $1,857.61 before easing back. Ethereum broke through the first major resistance level at $1,830 to end the day at $1,850 levels.
At the time of writing, Ethereum was up by 0.32% to $1,858.00. A bullish start to the day saw Ethereum rise from an early morning low of $1,851.47 to a high of $1,864.00. Ethereum left the major support and resistance levels untested early on.
According to AMB Crypto, Dogecoin slipped to the 13th position on the crypto-rankings charts after its price dropped by over 7% in the last 24 hours. Losses over the past week amounted to nearly 30% as DOGE’s bulls were unable to sustain their recent bullish cycle. A 13% dip in trading volumes and a lack of strong buying pressure worked against a bullish outcome moving forward, even though the MACD noted a fall in bearish momentum.
The RSI highlighted the weakness in price as the index floated just above the oversold zone, despite pointing north. While it’s likely that the bulls would hold on to the press time support level, DOGE could stabilize lower around the $0.4 level in the long run.
Litecoin rallied by 13.02% on Wednesday. Following a 0.99% gain on Tuesday, Litecoin ended the day at $237.54. A mixed start to the day saw Litecoin fall to an early morning low of $203.52 before making a move.
Steering clear of the first major support level at $199.58, Litecoin rallied to a late intraday high and a new swing hi $237.59.
Litecoin broke through the first major resistance level at $221.35 and the second major resistance level at $232.54 to end the day at $237 levels.
At the time of writing, Litecoin was down by 1.11% to $234.90. A mixed start to the day saw Litecoin rise to an early morning high of $239.11 before falling to a low of $233.73. Litecoin left the major support and resistance levels untested early on.
Ripple’s XRP rose by 2.60% on Wednesday. Partially reversing a 5.35% slide from Tuesday, Ripple’s XRP ended the day at $0.53367.
Tracking the broader market, Ripple’s XRP fell through the 23.6% FIB of $0.5320 to an early morning intraday low of $0.49394 before making a move. Steering clear of the first major support level at $0.4745, Ripple’s XRP rose to a late afternoon intraday high of $0.55741.
Falling short of the first major resistance level at $0.5726, Ripple’s XRP eased back to end the day at $0.53 levels. The 23.6% FIB of $0.5320 delivered support late in the day.
At the time of writing, Ripple’s XRP was up by 2.47% to $0.54673. A bullish start to the day saw Ripple’s XRP rise from an early morning low of $0.53489 to a high of $0.54775. Ripple’s XRP left the major support and resistance levels untested early on, FX Empire cites.
Bitcoin Forecast BTC/USD February 18, 2021
BTC is suggested for an attempt to test the support level near the area of 49005. And further, the cryptocurrency will continue to grow with a potential target at 54055, as cited by Forex24.
An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 46205 area. This will indicate a continued decline with a potential target below the 39405 area.
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