Altcoins breakout to new highs while Bitcoin price retests a key support

The bullish trend in the cryptocurrency market continued on February 18th with Bitcoin (BTC) trading near $ 51,000 and Ether (ETH) within the reach of $ 2000 for the first time as retail traders remain tall while pro traders are less optimistic in the short term.

Data from Cointelegraph Markets and TradingView shows that the Bitcoin price has retreated slightly from its all-time high to the current value of $ 51,924 while the price of Ethereum rose 5.66% to a record high of $ 1,950.

Investors in Canada showed their healthy appetite for access to the best cryptocurrencies as the debut of the Canadian Bitcoin ETF saw nearly $ 100 million in volume within the first few hours of trading.

Daily cryptocurrency market performance. Source: 360 coin

Meanwhile, Microsoft co-founder Bill Gates indicated that he took a “neutral view” on Bitcoin and was neither short nor long on the original, and felt that BTC “could rise and fall based on obsession or whatever the views.”

New BTC support and resistance levels appear

Chad Stinglas, Head of Commerce at CrossTower, has identified Bitcoin’s next resistance wall at around $ 53,000 while the current support level is around $ 51,000, creating a “narrow channel” that is unlikely to “hold for long.”

In a private conversation with Cointelegraph, Steinglass stated:

“Under $ 51,000 there is more support at $ 49,000, over $ 53,000. I expect the next pocket of resistance to be around $ 56,000, which is another big blow to the interest option.”

When it comes to Ether (ETH), Steinglass noted that the recent sell-off in altcoins “led to ETH falling along with it,” but with the sell-off on February 18th, Ether has managed to “break up and break”.

4-hour chart ETH / USDT. Source: TradingView

Steinglass took on the resilience Ether demonstrated during the turbulent altcoin market as “Point out that the story behind ETH is much broader and more powerful than the recent frenzy in altcoins that used ETH for storage purposes.

The increase in unemployment claims is putting pressure on traditional markets

Traditional markets fell under pressure on February 18 as the economy recovered from the Covid pandemic in the United States and jobless claims increased after several weeks of downward trend in the gauge.

The S&P 500, Dow and NASDAQ finished the day in the red, down 0.44%, 0.38% and 0.72%, respectively.

Multiple altcoins are creating new highs

Altcoins rebounded from their recent decline to see healthy gains in prices on Thursday, with Binance coin (BNB) outperforming the rest of the top ten as it rose more than 20% in the past 24 hours to an all-time high of $ 218.94.

4 hour chart BNB / USDT. Source: TradingView

Dogecoin (DOGE) and IOTA (MIOTA) also rose nearly 16% to $ 0.059 and $ 1.52, respectively, while REN rose 20.75%, hitting a new record high of $ 1.21.

The total cryptocurrency market cap is now $ 1.57 trillion and Bitcoin’s dominance rate is 60.6%.