Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies traded mixed on Tuesday evening, with Bitcoin exchange-traded funds recording the highest trading volume since their introduction in the U.S. last month.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.82% | $52,088 |
| Ethereum (CRYPTO: ETH) | +2.57% | $2,998 |
| Dogecoin (CRYPTO: DOGE) | -3.92% | $0.085 |
What Happened: The BTC ETFs trading volume surged to almost $2 billion on Tuesday, marking the highest total since the initial day of trading on January 11, as reported by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.
VanEck’s HODL ETF recorded just under $400 million in volume, while the WisdomTree Bitcoin Fund (BTCW) observed a substantial $221.9 million in trades. BitWise’s fund registered a $178.29 million in trading volume.
The Nine had biggest volume day since Day One with about $2b in combined trading thx to big contributions from $HODL, $BTCW and $BITB which all broke their personal records. For context $2b in trading would put them in Top 10ish among ETFs and Top 20ish among stocks. It's a lot. pic.twitter.com/547pIl5grI— Eric Balchunas (@EricBalchunas) February 20, 2024
Bitcoin experienced a surge during the early hours of Tuesday, climbing from $51,600 to nearly $53,000, only to encounter swift selling pressure that led to a reversal, driving prices down to as low as $50,700. Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, faced a slight downturn, plummeting to $2,900 after surpassing the $3,000 mark for the first time since April 2022.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Siacoin (SC) | +17.49% | $0.015 |
| Monero (XMR) | +8.35% | $125.18 |
| Flare (FLR) | +6.08% | $0.035 |
The global cryptocurrency market cap now stands at $1.97 trillion, showing a 0.28% decrease in the past 24 hours.
The stock market took a hit on Tuesday as NVIDIA spearheaded a broader decline in the tech sector, just ahead of the chipmaker’s earnings report.
The Dow Jones Industrial Average experienced a decrease of 64.19 points, or 0.17%, settling at 38,563.80. Similarly, the S&P 500 slipped by 0.60%, at 4,975.51. The Nasdaq Composite also registered a decline, losing 0.92% to close at 15,630.78.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe foresees a rapid market downturn, with Bitcoin maintaining its position above $50K.
"Probably a broader correction happens once that area is lost. If highs are taken, I still expect $54-58K to be a local top."
A quick drop occurs on the markets, through which #Bitcoin remains above $50K.Probably a broader correction happens once that area is lost.
If highs are taken, I still expect $54-58K to be a local top. pic.twitter.com/KsHsGuB55B
— Michaël van de Poppe (@CryptoMichNL) February 20, 2024
According to Ali Martinez’s analysis of the 10-minute Bitcoin chart, the TD Sequential indicates that the support trendline is situated at $51,700, with the resistance trendline at $52,515. "A sustained close outside of this zone will determine the direction of $BTC next move."
A TD Sequential Chart refers to a technical analysis indicator used to identify potential price reversals based on the TD Sequential theory by Tom DeMark. The chart is made up of a series of numbers and countdowns that help traders forecast the resistance points of a current trend, indicating when it might be a good time to buy or sell.
On #Bitcoin 10-mins chart, the TD Sequential's support trendline sits at $51,700 while the resistance trendline is at $52,515. A sustained close outside of this zone will determine the direction of $BTC next move. pic.twitter.com/D0awMEQTxp— Ali (@ali_charts) February 19, 2024
Pseudonymous analyst Dave the Wave sees BTC breaking above the upper limit of the Logarithmic Growth Curve indicator before experiencing a sharp corrective movement. The LGC indicator in cryptocurrency trading is a technical analysis tool that helps traders visualize the exponential growth phases of a cryptocurrency’s price and can be used to identify long-term trends, potential buy/sell zones, and areas of market consolidation.
The analyst utilizes Fibonacci extensions to forecast a price target of $180,000 for BTC in 2025. Fibonacci extensions are employed in technical analysis to project profit targets and price pullbacks, relying on Fibonacci ratios.
"BTC Fib extension gives target of $180,000,” the analyst said.
Photo by FellowNeko on Shutterstock
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