Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5%

Crypto Price Analysis: This weakened the cryptocurrency market is quite volatile as the market participants are witnessing waning bullish momentum in Bitcoin. The leading digit asset is struggling, and BTC experienced a major road at $52000 resistance. The newfound supply pressure is also influencing altcoin as the major cryptocurrencies are showcasing signs of reversal.

However, with the broader market still bullish, a retracement could also allow crypto buyers to recuperate strength for the higher rally.

In a recent tweet by Bloomberg analyst Eric Balchunas, it was revealed that Bitcoin exchange-traded funds (ETFs) experienced a significant Inflow of capital, netting approximately $2.3 billion in the last week. This figure surpasses the inflow of any other ETF among the 3,400 tracked, with $BITT standing out as the second-highest in the list.

The substantial gain has pushed the total net to over $5 billion, positioning Bitcoin ETFs ahead of investment giant BlackRock in terms of net inflows. Balchunas highlighted that this is a net figure which, when excluding the GBTC bleed—referring to the outflow from Grayscale Bitcoin Trust—makes the numbers even more impressive.

Also Read: Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why

Key Supports to Watch If Bitcoin Price Enters New Correction

In the last three weeks, the Bitcoin price has seen a significant rebound, fueled by a surge in inflows into Spot Bitcoin ETFs. Rising more than 37% from its recent low of $38,550, the cryptocurrency’s value has soared to a peak of $52,865.

However, the overhead supply at $52000 stalled this recovery on the weekend, turning the BTC price sideway in a 4-hour time frame chart. The overhead supply may trigger a bearish reversal but it’s beneficial for the asset after an aggressive rally.

In case of possible pullback, the key support as per the Fibonacci retracement tool is at $49458, followed by $47400, coinciding with the 23.6% and 38.2% FIB. 

As per recent data from crypto analytics firm Coinglass, the Bitcoin futures open interest surged from $17.4 billion to $23.81 billion within two weeks, registering a 36.84% growth. Such a rise suggests new money entering the market, which could influence Bitcoin’s demand and price positively.

Also Read: Crypto Prices Today: Bitcoin Nears Drop Below $52K, ETH, SOL, XRP, PEPE Decline

Cardano Futures Surge Signals Soaring Investor Confidence

Defying the waning bullish momentum in the crypto market, the Cardano price continues to march higher registering 7.5% in the last 24 hours, Amid the broader market, this recovery initiated in January ended at $0.46, bolstering a 36% gain within a month.

In the same period, the Cardano (ADA) futures open interest surged from $216.5 million to $426.27 million, registering a 96.89% growth. This substantial increase highlights a growing interest in Cardano futures, suggesting investors are either optimistic about ADA’s future price or seeking to hedge against its volatility. 

As earlier reported by Coingape a bullish breakout from the pennant pattern is driving the current recovery in ADA price. With sustained buying, the coin holders may witness a surge to $0.676, followed by $0.75.

Also Read: Cardano (ADA) Price Breakout Above $0.60 Opens Gates for Mega Bullrun to $8

The Graph’s Network Expansion Ignites GRT Price Surge

The Graph token (GRT) has recently entered an aggressive recovery, escalating from $0.149 to $0.217, marking a substantial 45% increase. This rally, mirroring the broader market’s growth, is partly fueled by the network’s Q4 2023 expansion. 

A tweet from the Graph’s official account on the X platform (previously known as Twitter) highlighted a 65% surge in query volume and advancements in Layer 2 transactions. The network’s reinforced infrastructure, underscored by over 1,500 subgraphs and the roll-out of a new Indexer, has likely reinforced investor optimism. The debut of the New Era Roadmap, along with the implementation of a Free Query Plan, has further strengthened this sentiment.

The Graph’s valuation rose by 15% in the past day alone, hinting at a potential bullish departure from the ‘cup and handle’ pattern’s neckline resistance. A successful push past this threshold could indicate a significant trend reversal and create fresh entry points for investors. Should this breakout persist, it’s projected that GRT’s price could climb to $0.375.

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