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BTC, ETH and BNB Price Analysis for February 24

Price Predictions
Wed, 02/24/2021 - 14:26
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Denys Serhiichuk
Is it possible to see the growth of Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB)?
BTC, ETH and BNB Price Analysis for February 24
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market has made a reversal as all coins from the top 10 list are in the green zone again. Binance Coin (BNB) is the biggest gainer, rising by 27% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The vital data for Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$940,685,943,354 $50,789.17 $88,110,213,155 5.99%

Ethereum

ETH

$192,875,780,208 $1,696.29 $42,757,874,563 14.47%

Binance Coin

BNB

$41,100,806,060 $270.59 $8,655,314,589 27.41%

BTC/USD

Yesterday morning, the bearish onslaught broke through the rather strong support at $48,000. The pair's decline began to slow down only around the $46,000 mark. The sellers managed to pierce this support level as well, while the daily low was fixed at $44,845.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

In the afternoon, trading volumes dropped below average, and late at night, the pair began to recover, bringing the Bitcoin (BTC) price back above the psychological $50,000 mark. This recovery has not been supported by large volumes, so it is unlikely to see further price increases this morning.

Related
BTC, ETH and XRP Price Analysis for February 23

However, if the pair can hold above the support of $48,000, then in the second half of this week one can count on the return of the BTC price to the upward channel. At the same time, the two-hour EMA55 and the rising trendline will act as serious resistance levels.

Bitcoin is trading at $51,165 at press time.

ETH/USD

Yesterday morning, the bears increased the pressure and broke through the strong support at the level of $1,500. The local minimum was set at around $1,353. During the day, the volatility of the ETH price remained quite high.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

At night, when the volume of sales declined, the pair was able to recover above the level of $1,600. If buyers are able to continue the recovery today, then the price could test the blue trend line. A breakthrough of this resistance will allow the altcoin to consolidate at the level of $1,800 before the end of the week.

Ethereum is trading at $1,693 at press time.

BNB/USD

The rate of Binance Coin (BNB) has recovered faster than that of Bitcoin (BTC) or Ethereum (ETH) as the price has rocketed by 28% since yesterday.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Despite the sharp growth today, Binance Coin (BNB) has made a false breakout of the $275 mark. The buying trading volume is low, which means that there are chances to see a restest of the liquidity around $119 shortly.

Binance Coin is trading at $262.35 at press time.

 
 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.