Crypto Price Forecast: On February 26, the cryptocurrency market saw a significant inflow in US trading hours as the Bitcoin price reached almost $55,000 for the first time in 2 years.
In a notable trading session on Monday, Bitcoin ETFs saw significant volumes, underscoring the growing investor interest in cryptocurrency markets. Leading the pack was $IBIT, which amassed an impressive $1.289 million in transactions, followed by $GBTC with $817 million, and $FBTC capturing $576 million in volume.
$ARKB also made its mark with $261 million in trades. In total, the top nine Bitcoin ETFs collectively generated approximately $2.35 billion in volume, demonstrating significant market activity and investor confidence.
Amidst this bustling trading environment, the Bitcoin spot ETFs experienced a significant net inflow of $519 million, while the Grayscale’s GBTC ETF saw a net outflow of $22.37 million, recording a new all-time low.
The renewed buying pressure in Bitcoin has lifted the global crypto market cap, recording an 8.06% rise since yesterday to reach $2.14 trillion.
Also Read: Bitcoin Price Jumps To $52,200 Risks $1 Billion Short Liquidations, What’s Next?
Bitcoin surges to 2-year high amid surge in whale activity and ETF inflows
The leading cryptocurrency Bitcoin traded mainly sideways in the second half of February, resonating within $53000 and $50600 price levels. However, with yesterday’s massive inflows into Spot BTC ETFs, the underlying asset BTC saw sudden buying pressure leading and breaching overhead resistance of $53,000.
In the past 48 hours, the Bitcoin price has risen by 10% to a 2-year high of $57,000. Additionally, the Bitcoin ecosystem is witnessing a remarkable surge in whaling activity, with the creation of more than 150 new BTC- addresses, each containing more than 1,000 BTC, just in the last month.
This significant increase highlighted by crypto trader Ali_charts indicates a growing concentration of wealth and possibly investor confidence in Bitcoin’s long-term value.
Currently trading at $56527, the BTC price is less than 20% away from its peak of $68,789 just 55 days before its halving. With sustained bullish momentum, the crypto buyers can chase a potential target of $59200 followed by $62300.
Ethereum gains momentum from whale buying and key resistance breakout
Amid the renewed buying interest in Bitcoin, the Ethereum coin has seen a noticeable recovery since last week. From the low of $2909, the asset value has risen by 11.8% in the last four days to reach the current trading price of $3254.
Additionally, an active Ethereum whale increased its market presence by buying 2,426 ETH ($7.8M) from Binance, as reported by on-chain analytics platform Lookonchain. Since February 9, this investor has withdrawn a total of 11,719 ETH ($30.93M) from Binance, with purchases made at an average price of $2,639 per ETH. This accumulation of smart money provides an additional conviction about the asset’s future projection.
An analysis of the daily chart shows that the Ethereum price has breached the resistance trendline of a growing channel pattern. Under favorable bullish conditions, the ETH price should extend its recovery to $3600, followed by $3942.
Also Read: Ethereum ICO Investor Begins Massive Coinbase Dump As ETH Price Rises To $3200
This bullish pattern indicates Cardano price period above $1
ADA, the native cryptocurrency of the Cardano ecosystem, has seen a steady recovery since last month with its jump from $0.46 to $0.618. This positive upswing was recorded by 35% and recovered almost the entire losses of the last correction.
With this sustained rally backed by increasing volume and occasional pullback, the Cardano price is likely to rise 10% to reach $0.677 resistance. This horizontal level is the key neckline of a bullish reversal pattern cup and handle, developed for the past 21 months.
Thus, a successful breakout beyond this barrier would signal a change in market dynamics and provide traders with a new long-entry opportunity. Under the influence of this pattern, the post-breakout rally is set to chase a potential target of $1.14.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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