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BTC, ETH and BNB Price Analysis for February 24

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Wed, 24/02/2021 - 14:26
BTC, ETH and BNB Price Analysis for February 24
Cover image via www.tradingview.com

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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.

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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.

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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.

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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.

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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.

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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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