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Bitcoin into positive territory recovers $52,000
Bitcoin into positive territory recovers $52,000
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Bitcoin into positive territory recovers $52,000

By Federico Izzi - 25 Feb 2021

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Second consecutive positive day for Bitcoin and most of the cryptocurrency sector. More than 80% of the top 100 capitalized cryptocurrencies are in the green, a signal that is currently supporting the ongoing bounce and partially recovering the losses suffered earlier in the week, which saw the worst losses since the beginning of the year.

coin360 20210225
Source: COIN360.com

One of the best gains of the day was in Enjin Coin (ENJ), which climbed more than 30% and returned to close to the all-time highs recorded exactly a fortnight ago, on February 11th. This highlights the fact that gaming remains an attractive sector. 

This is also confirmed by another token, Pteria (PTERIA), which has seen its value multiply 20 times over the past month. 

LTC 20210225

Among the big players, Litecoin (LTC) was the best performer, rising 10%. Among the blue chips, Cardano (ADA) is also doing well, gaining 4% today. Both are close to the highs reached last week. 

The market cap remains above $1.5 trillion with volumes down for the second day in a row. This is a signal to be followed carefully because it accompanies the rebound, highlighting a price recovery not supported by major purchases. 

DeFiPulse 20210225

The total value locked in decentralized finance projects is back above $38 billion thanks also to the rise of Ethereum which continues to climb above 7.82 million ETH, the highest level in the last 4 months. 

BTC 20210225
Bitcoin chart by Tradingview

Bitcoin (BTC) on the upside

In the last few hours, Bitcoin prices have recovered the $52,000 mark, a move that at the moment still remains identified as a technical rebound. To understand whether the decline has come to an end we will have to wait for the next few days, or we are still within a medium-term bearish phase.  

Only a recovery of $55,000 would start to provide bullish signals again. 

ETH 20210225
Ethereum chart by Tradingview

Ethereum (ETH)

The return of Ethereum’s prices above $1,650 brings it back to the top of the bullish dynamic trendline that was violated during Tuesday’s crash. At the moment it is a sign of short-term strength that will need to be confirmed in the coming days. 

The short-term trend still remains within a bearish trend. To get more confirmation we will have to wait for the next few days or for the recovery of $1850. It is important for Ethereum not to break the support of $1,350. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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