Bitcoin

Material

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) dipped to intraday lows on Feb. 20 as a public holiday in the United States limited buy demand.
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/da7c05a4-585c-4aef-8637-2a03cafdfdfc.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-extends-sideways-action">Bitcoin extends sideways action</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked a BTC price floor of $51,329 on Bitstamp.
An otherwise <a href="https://cointelegraph.com/news/open-interest-echoes-69k-btc-price-5-things-bitcoin">flat start to the week</a> ended in cold feet for BTC/USD after the Feb. 19 daily close, but a recovery subsequently took the market back to $52,000.
Wall Street was closed the day prior thanks to the President’s Day holiday, meaning that no new inflows into the spot Bitcoin exchange-traded funds (ETFs) were recorded.
As Cointelegraph <a href="https://cointelegraph.com/news/bitcoin-etfs-posted-2-2b-net-inflows-february">continues to report</a>, these inflows have consistently buoyed market sentiment in recent weeks, creating a positive feedback loop as others attempt to “front run” institutions by buying BTC in advance.
In recent commentary on X, trading resource Material Indicators <a href="https://twitter.com/MI_Algos/status/1759636627855425766" target="_blank" rel="noopener nofollow">suggested</a> that the long weekend would allow BTC price action to “simmer down a bit” after recent rapid gains.
Ahead of the intraday dip, another <a href="https://twitter.com/MI_Algos/status/1759660124329705690/photo/1" target="_blank" rel="noopener nofollow">post</a> laid out potential lower targets should bears gain the upper hand.
“If Bitcoin doesn’t bounce from here, consider the door to $51k opened, and if that doesn’t hold, look to $50k then $48.6k for the next levels of support,” Material Indicators explained. 
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 “If those don’t hold, things could get very exciting in the short term. Long term outlook is unchanged.”
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 BTC/USDT order book liquidity. Source: Material Indicators/X
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An accompanying chart showed BTC/USDT order book liquidity on Binance.
<h2 data-ct-non-breakable="true" id="ether-hits-levels-absent-for-nearly-2-years">Ether hits levels absent for nearly 2 years</h2>
Meanwhile, the comparatively lackluster performance of Bitcoin shifted attention to the largest altcoin, Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>).
Related: <a href="https://cointelegraph.com/news/hopefuls-call-altseason-led-ether-rally-analysts">Hopefuls call for ‘altseason’ led by Ether rally, analysts not so sure</a>
Ether price action continued prior strength into the start of the week, with ETH/USD hitting new 22-month highs of $2,984 on Bitstamp. 
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 ETH/USD 1-week chart. Source: TradingView
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“This is still a massive period to be rotating from Bitcoin towards Ethereum,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, <a href="https://twitter.com/CryptoMichNL/status/1759701136255430817" target="_blank" rel="noopener nofollow">wrote</a> in part of an X reaction. 
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 “The upward momentum is continuing in Ethereum, not in Bitcoin.”
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<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> 1D clean HH close after reclaiming HTF resistance ($2.7K - $2.8K) Weekly open always a good opportunity area, else structural HL dips are for buying imo alts still have a ton of opportunity from here assuming BTC remains strong after 1W close <a href="https://t.co/Hi9IeNcZ0w">https://t.co/Hi9IeNcZ0w</a> <a href="https://t.co/3odOWYNL31">pic.twitter.com/3odOWYNL31</a>— Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1759732285904224708?ref_src=twsrc%5Etfw">February 20, 2024</a>
</blockquote> 
Continuing, popular trader Skew argued that altcoins, in general, looked promising for traders but that Bitcoin should nonetheless maintain strength on weekly timeframes.
“Alts still have a ton of opportunity from here assuming BTC remains strong after 1W close,” he summarized in part of his latest X analysis.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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