Ethereum

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-price-analysis-and-market-movements/" data-wpel-link="internal">Bitcoin and Ethereum Price Analysis and Market Movements</a><br></p>
<p style="text-align: justify">The leading cryptocurrency, <strong><a href="https://en.coin-turk.com/elon-musk-sparks-debate-on-cryptocurrency-use-on-mars/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong>, is encountering resistance around $52,000, which could increase the likelihood of a short-term correction. According to various sources, including BitMEX Research, the sideways movement resulted in a net outflow of approximately $36 million from spot Bitcoin exchange-traded funds (ETFs) on February 21st.</p> 
<h2 id="bitcoin-btc-price-movement">Bitcoin (BTC) Price Movement</h2> 
<p style="text-align: justify">Bitcoin’s losses halted on February 22nd, and that day saw a net inflow of about $251 million into ETFs. The long tail of Bitcoin’s November 21st candlestick suggests that bulls bought the dip towards direct support at $50,625 but failed to overcome the $52,000 barrier. Bears may try to push the price below $50,625 again. If they succeed, the <strong>BTC/<a href="https://coin-turk.com/tetherin-banka-ortagina-sorusturma-soku-surecte-dikkat-ceken-detaylar" data-wpel-link="internal">USDT</a></strong> pair could fall to the strong support at $48,970.</p> 
<p style="text-align: justify">However, a bounce from the mentioned level could indicate that sentiment remains bullish and investors are buying on dips. The uptrend would continue with a break above $52,000. The pair could then reach $60,000. Yet, bears may have other plans. They could try to pull <strong>BTC</strong> price below $48,970. If they do, selling could intensify, and the pair might drop to the 50-day SMA at $45,247.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-318968 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-5.webp" alt="" width="1303" height="798"></p> 
<h2 style="text-align: justify" id="ethereum-eth-analysis">Ethereum (ETH) Analysis</h2> 
<p style="text-align: justify">The leading smart contract platform, <strong>Ethereum</strong>, attempted to break above the psychological resistance of $3,000 on February 22nd but bears held their ground. Sellers may try to initiate a correction towards the break level of $2,717, which is significant as the 20-day EMA ($2,734) is nearby. A strong recovery from $2,717 could indicate that bulls have turned the level into support. Bulls might then try to overcome the $3,000 barrier again. If successful, the <strong>ETH/USDT</strong> pair could reach $3,300. Bears in the cryptocurrency may need to keep the price below $2,717 to weaken the bulls. The Ethereum pair could then drop to the 50-day SMA ($2,497), and such a deep pullback could delay the start of the next leg up in the uptrend.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-and-ethereum-price-analysis-and-market-movements/" data-wpel-link="internal">Bitcoin and Ethereum Price Analysis and Market Movements</a></h5>

Bitcoin and Ethereum Price Analysis and Market Movements

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