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Crypto Price Analysis: This weakened the <a href="https://coingape.com/crypto-headlines-of-the-week-bitcoin-shiba-inu-terra-fuels-inferences/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is quite volatile as the market participants are witnessing waning bullish momentum in Bitcoin. The leading digit asset is struggling, and BTC experienced a major road at $52000 resistance. The newfound supply pressure is also influencing altcoin as the major cryptocurrencies are showcasing signs of reversal.However, with the broader market still bullish, a retracement could also allow crypto buyers to recuperate strength for the higher rally.In a recent tweet by Bloomberg analyst Eric Balchunas, it was revealed that <a href="https://coingape.com/breaking-spot-bitcoin-etf-records-323-90-mln-net-inflows-reaching-5-billion/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded funds</a> (ETFs) experienced a significant Inflow of capital, netting approximately $2.3 billion in the last week. This figure surpasses the inflow of any other ETF among the 3,400 tracked, with $BITT standing out as the second-highest in the list.The substantial gain has pushed the total net to over $5 billion, positioning Bitcoin ETFs ahead of investment giant BlackRock in terms of net inflows. Balchunas highlighted that this is a net figure which, when excluding the GBTC bleed—referring to the outflow from Grayscale Bitcoin Trust—makes the numbers even more impressive.<blockquote class="twitter-tweet">The 10 bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in. Again, this is all net GBTC bleed. Throw that out and the… <a href="https://t.co/PlxnfQ7ETf" rel="noopener noreferrer nofollow">https://t.co/PlxnfQ7ETf</a><a href="https://t.co/04LTixd3Zt" rel="noopener noreferrer nofollow">pic.twitter.com/04LTixd3Zt</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1758845246924783973?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 17, 2024</a></blockquote>Also Read: <a href="https://coingape.com/top-analyst-expects-40-bitcoin-price-correction-before-rally-to-150k-heres-why/" rel="noopener noreferrer nofollow">Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why</a><h2 id="b-keys-supports-to-watch-if-bitcoin-price-enters-new-correction-b">Keys Supports to Watch If Bitcoin Price Enters New Correction</h2><img src="https://s3.tradingview.com/snapshots/b/BPrbLWrp.png" alt="BINANCE:BTCUSD Chart Image by sahilmahadik07">In the last three weeks, the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> has seen a significant rebound, fueled by a surge in inflows into Spot Bitcoin ETFs. Rising more than 37% from its recent low of $38,550, the cryptocurrency’s value has soared to a peak of $52,865.However, the overhead supply at $52000 stalled this recovery on the weekend, turning the BTC price sideway in a 4-hour time frame chart. The overhead supply may trigger a bearish reversal but it’s beneficial for the asset after an aggressive rally.In case of possible pullback, the key support as per the Fibonacci retracement tool is at $49458, followed by $47400, coinciding with the 23.6% and 38.2% FIB.&nbsp;As per recent data from crypto analytics firm Coinglass, the Bitcoin futures open interest surged from $17.4 billion to $23.81 billion within two weeks, registering a 36.84% growth. Such a rise suggests new money entering the market, which could influence Bitcoin’s demand and price positively.<figure id="attachment_181069" style="width: 100%" class="wp-caption aligncenter"><img class="size-full wp-image-181069" src="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-18_18-11-04.png" alt="BTC Futures Open Interest (USD)| CoinGlass" width="1693" height="475"><figcaption id="caption-attachment-181069" class="wp-caption-text"> BTC Futures Open Interest (USD)| CoinGlass </figcaption></figure>Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-nears-drop-below-52k-eth-sol-xrp-pepe-decline/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin Nears Drop Below $52K, ETH, SOL, XRP, PEPE Decline</a><h2 id="strong-cardano-futures-surge-signals-soaring-investor-confidence-strong">Cardano Futures Surge Signals Soaring Investor Confidence</h2><figure style="width: 100%" class="wp-caption alignnone"><img src="https://s3.tradingview.com/snapshots/b/BXG1RoIj.png" alt="BINANCE:ADAUSDT Chart" width="1946" height="937"><figcaption class="wp-caption-text"> Cardano| Tradingview </figcaption></figure>Defying the waning bullish momentum in the crypto market, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> continues to march higher registering 7.5% in the last 24 hours, Amid the broader market, this recovery initiated in January ended at $0.46, bolstering a 36% gain within a month.In the same period, the <a href="https://coingape.com/markets/cardano-price-forecast-will-ada-hit-1-level-before-bitcoin-halving/" rel="noopener noreferrer nofollow">Cardano (ADA)</a> futures open interest surged from $216.5 million to $426.27 million, registering a 96.89% growth. This substantial increase highlights a growing interest in Cardano futures, suggesting investors are either optimistic about ADA’s future price or seeking to hedge against its volatility.&nbsp;<figure id="attachment_181068" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-181068 size-full" src="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-18_18-10-33.png" alt="ADA Futures Open Interest (USD)" width="1686" height="476"><figcaption id="caption-attachment-181068" class="wp-caption-text"> ADA Futures Open Interest (USD)| CoinGlass </figcaption></figure>As earlier <a href="https://coingape.com/markets/cardano-price-prediction-as-low-volume-rebound-to-0-675/" rel="noopener noreferrer nofollow">reported</a> by Coingape a bullish breakout from the pennant pattern is driving the current recovery in ADA price. With sustained buying, the coin holders may witness a surge to $0.676, followed by $0.75.Also Read: <a href="https://coingape.com/cardano-ada-price-breakout-above-0-60-opens-gates-for-mega-bullrun-to-8/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Breakout Above $0.60 Opens Gates for Mega Bullrun to $8</a><h2 id="b-the-graph-s-network-expansion-ignites-grt-price-surge-b">The Graph’s Network Expansion Ignites GRT Price Surge</h2><figure style="width: 100%" class="wp-caption alignnone"><img src="https://s3.tradingview.com/snapshots/q/qxnr5NdE.png" alt="BINANCE:GRTUSDT Chart " width="1564" height="836"><figcaption class="wp-caption-text"> GRT Price| Tradingview </figcaption></figure>The Graph token (GRT) has recently entered an aggressive recovery, escalating from $0.149 to $0.217, marking a substantial 45% increase. This rally, mirroring the broader market’s growth, is partly fueled by the network’s Q4 2023 expansion.&nbsp;A tweet from the Graph’s official account on the X platform (previously known as Twitter) highlighted a 65% surge in query volume and advancements in Layer 2 transactions. The network’s reinforced infrastructure, underscored by over 1,500 subgraphs and the roll-out of a new Indexer, has likely reinforced investor optimism. The debut of the New Era Roadmap, along with the implementation of a Free Query Plan, has further strengthened this sentiment.<blockquote class="twitter-tweet">In the Q4 2023, The Graph ecosystem shipped several critical updates shaping the future of decentralized data, evolving the protocol to serve more data needs and web3 builders in 2024 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a2.png" alt="🚢" class="wp-smiley" style="height: 1em; max-height: 1em;">Here are some key takeaways from the Q4 2023 Participant Update <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> The Graph Network… <a href="https://t.co/jQ7vJaDAOn" rel="noopener noreferrer nofollow">pic.twitter.com/jQ7vJaDAOn</a>— The Graph (@graphprotocol) <a href="https://twitter.com/graphprotocol/status/1758604734754156632?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 16, 2024</a></blockquote>The Graph’s valuation rose by 15% in the past day alone, hinting at a potential bullish departure from the ‘cup and handle’ pattern’s neckline resistance. A successful push past this threshold could indicate a significant trend reversal and create fresh entry points for investors. Should this breakout persist, it’s projected that GRT’s price could climb to $0.375.Related Articles: <a href="https://coingape.com/bitcoin-news-us-states-step-up-to-defend-btc-rights-amid-bullish-outlook/" rel="noopener noreferrer nofollow">Bitcoin Freedom: 3 US States Step Up To Defend BTC Rights Amid Bullish Outlook</a>The post <a href="https://coingape.com/markets/crypto-market-analysis-for-february-18th-btc-ada-grt/" rel="noopener noreferrer nofollow">Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5%

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