Bitcoin Struggles as Ether Fights for $3K: Lack of ETF Flows and Latest Crypto Trends

Bitcoin (BTC) experienced a dip in intraday trading on Feb. 20 due to limited buy demand caused by a public holiday in the United States.

Investors in the crypto market may be wondering what to buy, as the latest news on helium crypto and the popularity of eth crypto continue to dominate discussions. The concept of web 3.0 is also gaining attention, with many eager to see real-life examples of its implementation. Meanwhile, the gala crypto market is constantly evolving and weekly updates keep investors on their toes. In the ongoing fight for dominance, crypto binance and other altcoins are also making significant moves.

Bitcoin Continues Sideways Movement

According to data from Cointelegraph Markets Pro and TradingView, BTC has maintained a price floor of $51,329 on Bitstamp.

The week began with little movement for BTC/USD, but a dip after the daily close on Feb. 19 was quickly followed by a recovery back to $52,000.

With Wall Street closed for the President’s Day holiday, there were no new inflows into spot Bitcoin ETFs, which have been a major factor in driving market sentiment in recent weeks as institutions continue to invest in BTC.

However, as Material Indicators noted, the long weekend allowed for BTC price action to “calm down” after its recent rapid gains.

If the current support level doesn’t hold, Material Indicators suggests looking to lower targets at $51k, $50k, and $48.6k.

They also provided a chart showing BTC/USDT liquidity on Binance.

Ether Surges to Levels Not Seen in Almost 2 Years

Meanwhile, all eyes have turned to the second largest cryptocurrency, Ether (ETH), as Bitcoin’s performance has been relatively lackluster.

Ether’s price continued its previous strength at the start of the week, reaching a new 22-month high of $2,984 on Bitstamp.

According to Michaël van de Poppe, founder and CEO of trading firm MNTrading, this is a significant time to shift from Bitcoin to Ethereum. He stated in his latest analysis, “This is still a massive period to be rotating from Bitcoin towards Ethereum.”

Popular trader Skew also believes that altcoins, in general, offer promising opportunities for traders. However, he notes that Bitcoin should maintain its strength on weekly timeframes. In his latest analysis, he summarized, “Alts still have a ton of opportunity from here assuming BTC remains strong after 1W close.”