Cryptocurrency Market Analysis as of 16.02.2024


The cryptocurrency market continues to make strides, with its total capitalization increasing from $1.71 trillion to $1.96 trillion over the past week, and the primary cryptocurrency's capitalization reaching $1 trillion.
In the span of seven days, Bitcoin and Ethereum saw gains of approximately 16%, Litecoin experienced a 2% growth, and Ripple surged by over 7%.

Technical Analysis


Bitcoin surged, surpassing the psychological level of $50,000. BTC/USD prices are nearing the upper boundary of the sideways range between 49,264 and 52,880. From a technical standpoint, failure to break out the 52,880 level might lead to a price retreat towards support within the range. Alternatively, if consolidation occurs above 52,880, we can expect further growth toward the 57,686 level.
Conversely, a breakout and consolidation above $44,488 would pave the way for further upward momentum toward the resistance at $47,147.



Ripple rebounded against the backdrop of the overall market growth, reaching the midsection of the range between 0.5089 and 0.5865. However, the price halted below the downward trend resistance line. Should the 0.5865 level not prompt a downward reversal, prices might ascend toward the horizontal resistance at 0.5865.



Following the lead of the primary cryptocurrency, Ethereum strengthened and reached resistance at 2780.86. A successful breakout and consolidation above this level could pave the way for ETH/USD toward the subsequent level at 2927.91. Otherwise, a pullback towards support at 2456.85 remains a likely alternative scenario.



During its recovery, Litecoin consolidated above the level of 68.80 marked with dotted lines. A rebound from this level might propel LTC/USD toward the nearest resistance at 75.60, i.e. upper dotted line.

Alternatively, a retreat towards January lows could occur as an alternative scenario.


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