Reserve

Cardano

Bitcoin

Dogecoin

Grayscale Bitcoin Trust

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 <p class=""><strong>Bitcoin’s (BTC) market value has faced challenges in stabilising above the $52,000 mark, yet this stabilisation period might prove advantageous for other cryptocurrencies.</strong></p>
 <p class="">The S&amp;P 500 Index saw its five-week streak of gains end, dropping 0.42% the previous week, triggered by the U.S. Consumer Price Index and Producer Price Index for January exceeding forecasts. The unexpected rise in inflation metrics fueled worries that the Federal Reserve might postpone interest rate reductions until later in the year, contrary to earlier predictions of a cut by March.</p>
 <p class="">Despite these negative economic indicators, Bitcoin experienced an 8% surge, closing the week at $52,137, marking its highest weekly closure since November 2021. The recent persistence of $52,000 as a point of resistance has not prompted quick profit-taking among Bitcoin investors, indicating continued long-term optimism within the market.</p>
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  <figure class="aligncenter is-resized"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/388762935b68fd7bf396eeaf6224a471.webp" alt="" style="width: 100%;height:auto" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">Another positive in favour of Bitcoin is that outflows from the Grayscale Bitcoin Trust (GBTC) have been slowing down. After bleeding $5.64 billion in January, the&nbsp;outflows from GBTC have slowed&nbsp;to $1.37 billion in February.</p>
 <p class="">Could Bitcoin start the next leg of the uptrend, pulling select altcoins higher? Let’s analyze the charts to find out.</p>
 <h2 class="wp-block-heading" id="sp-500-index-spx-market-analysis">S&amp;P 500 Index (SPX) Market Analysis</h2>
 <p class="">The S&amp;P 500 Index rebounded off the 20-day exponential moving average (4,940) on Feb. 13, indicating an uptrend.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/ad59c56cae67208f27bbb794fec4aeaf.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>SPX daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">However, the bears are not ready to give up easily and are trying to protect the overhead resistance 5,048. The negative divergence on the relative strength index (RSI) cautions of a possible correction or consolidation in the short term.</p>
 <p class="">A break below the 20-day EMA will indicate the start of a deeper correction. The index could then drop to the 50-day simple moving average (4,813) and 4,650.</p>
 <p class="">Contrary to this assumption, if the index continues higher and breaks above 5,048, it will signal the resumption of the uptrend. The index could then surge toward 5,200.</p>
 <h2 class="wp-block-heading" id="u-s-dollar-index-dxy-market-analysis">U.S. Dollar Index (DXY) Market Analysis</h2>
 <p class="">The U.S. dollar Index attempted to start an up move on Feb. 13, but the rally met with intense selling pressure near 105.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/7cc71e97828bc71153dc9140cb3fbe4e.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>DXY daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The price turned down and reached the 20-day EMA (104), a necessary support to watch out for. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to propel the index to 106 and then to 107.</p>
 <p class="">Conversely, if the index breaks below the 20-day EMA, it will indicate that higher levels continue to attract selling by the bears. The index may then slump to the 50-day SMA (103), likely attracting buyers.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">Bitcoin is consolidating in an uptrend. The bears are trying to stall the rally at $52,000, but the bulls have kept up the pressure.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/e90b9abad4044ce27b9c1d1d46ce8be1.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">A tight consolidation near a crucial resistance generally resolves to the upside. If the bulls shove and maintain the price above $52,000, it will indicate the start of the next leg of the uptrend. The BTC/USDT pair could then surge toward $60,000.</p>
 <p class="">If bears want to prevent the move, they must quickly drag the price below the 20-day EMA ($48,260). If they do that, the stops of several short-term traders may get hit. The pair could then plunge to the 50-day SMA ($44,647).</p>
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) Price Analysis</h2>
 <p class="">Ether&nbsp;rebounded off $2,717 on Feb. 17, indicating that the bulls are trying to flip the level into support.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/0d663cdecf2e19562a8dcb815b49e4c5.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The ETH/USDT pair rose above the immediate resistance of $2,868 on Feb. 18, indicating the resumption of the uptrend. Buyers will try to maintain the momentum and kick the price to $ the psychologically critical level of $3,000.</p>
 <p class="">The rally of the past few days has sent the RSI above 78, indicating the possibility of a minor correction or consolidation in the near term. Sellers must tug the price below the 20-day EMA ($2,615) to signal a short-term top.</p>
 <h2 class="wp-block-heading" id="bnb-price-analysis">BNB Price Analysis</h2>
 <p class="">BNB&nbsp;<a target="_blank" rel="noreferrer noopener">has pulled back in an uptrend, suggesting profit booking by short-term traders. Generally, pullbacks do not last for more than three days in a strong uptrend.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The rising 20-day EMA ($330) and the RSI near the overbought territory indicate that the bulls are in control. If the price turns up and breaks above $367, it will suggest that the uptrend has resumed. The BNB/USDT pair could then attempt a rally to $400.</p> <p class="">Instead, if the price continues lower and slips below $348, the pair may reach the 20-day EMA. This level may again attract buyers, but if the bears prevail, the pair may plummet to the 50-day SMA ($314).</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been stuck between the downtrend line and the 20-day EMA ($0.54) for the past few days, indicating indecision between the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/911b02517325d98c361d5e67b96f5951.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The 20-day EMA has started to turn gradually, and the RSI has risen into the positive zone, indicating that the bulls have the upper hand. If the price breaks and closes above the downtrend line, it will suggest that the correction may be over. The XRP/USDT pair will then attempt a rally to $0.67.</p> <p class="">On the contrary, if the price turns sharply from the downtrend line and plunges below the 20-day EMA, it will indicate that bears remain in command. The pair may then descend to $0.50.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> <p class="">Solana&nbsp;pulled back to the neckline of the inverse head-and-shoulders pattern on Feb. 17, and the bulls held their ground.</p>
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   <figure class="aligncenter is-resized"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/db5b32592f2f6f69000748a337dd4982.webp" alt="" style="width: 100%;height:auto" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The upsloping 20-day EMA ($106) and the RSI above 62 indicate that the bulls have the upper hand. There is a minor resistance at $119, but that is likely to be crossed. The SOL/USDT pair could retest the stiff overhead resistance of $127. If this level is scaled, the pair may reach the pattern target of $135.</p> <p class="">This optimistic view will be negated soon if the price turns down and dives below the 20-day EMA. That may result in long liquidations, pulling the pair to the 50-day SMA ($100).</p> <h2 class="wp-block-heading" id="cardano-avax-price-analysis">Cardano (AVAX) Price Analysis</h2> <p class="">Cardano’s&nbsp;long tail on the Feb. 17 candlestick shows that the bulls continue to view dips to the 20-day EMA ($0.56) as a buying opportunity.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/f06f9deaa7b44d3ae8c71d0a5b2734d5.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls are trying to maintain the price above the immediate resistance of $0.62. If they manage to do that, the ADA/USDT pair could rally to the vital resistance at $0.68. This level may witness a tough battle between the bulls and the bears, but if the buyers prevail, the next stop is expected to be $0.90.</p> <p class="">On the contrary, if the price turns sharply from $0.68, it will indicate that the bears vigorously defend the level. A break below the 20-day EMA will suggest that the bullish momentum has weakened.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down from the $42 level on Feb. 15, but a positive sign is that the bulls did not allow the price to dip below the 20-day EMA ($38.40).</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter is-resized"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/d63e5995856c076c32cac2f75e92def0.webp" alt="" style="width: 100%;height:auto" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls will again try to clear the obstacle at $42, and if they succeed, the AVAX/USDT pair will complete an inverse H&amp;S pattern. The pair may then skyrocket to $50, a difficult barrier to cross.</p> <p class="">On the downside, the 20-day EMA is the crucial support to watch out for. If this level cracks, the pair may slip to the 50-day SMA ($36.16). Such a move will suggest that the pair may oscillate between $32 and $42 for some time.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p class="">The bears tried to pull Dogecoin back into the symmetrical triangle pattern on Feb. 17, but the bulls protected the level aggressively.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/20/3057e527aa22470da56cd576da2cfb69.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The 20-day EMA ($0.08) has started to turn up gradually, and the RSI is above 63, indicating that the bulls are attempting a comeback. If the bulls clear the hurdle at $0.09, the DOGE/USDT pair could climb to the $0.10 to $0.11 resistance zone.</p> <p class="">This optimistic view will be invalidated soon if the price turns down and collapses below the moving averages. Such a move indicates that bears sell on every minor relief rally. The selling could intensify on a break below the uptrend line.</p> <h4 class="wp-block-heading">Source – Rakesh Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-19th-feb-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt80262.html">https://thebittimes.com/latest-market-overview-19th-feb-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt80262.html</a></p>

Latest Market Overview 19th Feb: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE

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