Crypto Price Prediction: On February 26th, the cryptocurrency market witnessed a significant inflow in US trading hours, as the Bitcoin price nearly grazed $55000 for the first time in 2 years. 

In a notable trading session on Monday, Bitcoin ETFs witnessed substantial volumes, underlining the growing investor interest in cryptocurrency markets. Leading the pack was $IBIT, amassing an impressive $1,289 million in trades, followed by $GBTC with $817 million, and $FBTC capturing $576 million in volume. 

$ARKB also made its mark with $261 million in trades. Altogether, the top nine Bitcoin ETFs collectively generated approximately $2.35 billion in volume, showcasing significant market activity and investor confidence. 

Amid this bustling trading environment, the Bitcoin spot ETFs experienced a substantial net inflow of $519 million, While the Grayscale’s GBTC ETF saw a net outflow of $22.37 million, recording a new historical low.

#Bitcoin ETF Volume results of Monday 26th of February (31st trading day):

$IBIT $1,289m
$GBTC $817m
$FBTC $576m
$ARKB $261m

Total Volume for The Nine: circa $2.35b!

Huge numbers for volume, with more than $2b just for the Nine, and the price action is texting on… https://t.co/Q4GapYrCUf pic.twitter.com/MAGhczWXp8

— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024

The renewed buying pressure in Bitcoin uplifted the global crypto market cap, recording an 8.06% surge since yesterday to reach $2.14 Trillion.

Also Read: Bitcoin Price Jump To $52,200 Risks $1 Bln Short Liquidations, What’s Next?

Bitcoin Soars to 2-Year High Amid Surge in Whale Activity and ETF Inflows

Bitcoin| Tradingview

The leading cryptocurrency Bitcoin traded majorly sideways in the second half of February, resonating within $53000 and $50600 price levels. However, with yesterday’s massive inflow in Spot BTC ETFs, the underlying asset BTC witnessed sudden buying pressure leading and breached overhead resistance of $53000.

In the last 48 hours, the Bitcoin price surged 10% to hit a 2-year high of $57000. Moreover, The Bitcoin ecosystem is witnessing a remarkable surge in whale activity, with the creation of over 150 new BTC addresses, each holding upwards of 1,000 BTC, in just the last month. 

This significant increase highlighted by crypto trader Ali_charts suggests a growing concentration of wealth and possibly, investor confidence in Bitcoin’s long-term value.

#Bitcoin whales are going parabolic! In just the last month, over 150 new #BTC addresses, each holding more than 1,000 $BTC, have been created. pic.twitter.com/3lox2KrPcm

— Ali (@ali_charts) February 26, 2024

Currently trading at $56527, the BTC price is less than 20% away from its all-time high of $68,789 just 55 days before its halving. With sustained bullish momentum, the crypto buyers may chase a potential target of $59200, followed by $62300.

Ethereum Gains Momentum from Whale Purchases and Key Resistance Breakout

Ethereum| Tradingview

Amid the renewed buying interest in Bitcoin, the Ethereum coin witnessed a notable recovery since last week. From the low of $2909, the asset value surged 11.8%  in the last four days to reach the current trading price of $3254.

Moreover, an active Ethereum whale has escalated its market presence by purchasing 2,426 ETH ($7.8M) from Binance, as reported by the on-chain analytics platform Lookonchain. Since February 9, this investor has withdrawn a total of 11,719 ETH ($30.93M) from Binance, with purchases made at an average price of $2,639 per ETH. This accumulation from smart money provides an additional conviction on the asset’s future projection.

A whale is buying 2,426 $ETH($7.8M) from #Binance again!

The whale withdrew 11,719 $ETH($30.93M) from #Binance at $2,639 since Feb 9.

The whale traded $ETH 4 times, 2 of which were profitable, with a total profit of ~$3.85M.

Buy 7,472 $ETH($13.86M) at $1,855 and sell at… pic.twitter.com/Ir5qSK8J6W

— Lookonchain (@lookonchain) February 27, 2024

An Analysis of the daily chart shows the Ethereum price breached the resistance trendline of an expanding channel pattern. Under favorable bullish conditions, the ETH price should prolong its recovery to $3600, followed by $3942.

Also Read: Ethereum ICO Investor Initiates Massive Coinbase Dump As ETH Price Soars To $3200

This Bullish Pattern Hints Cardano Price Rally Beyond $1

Cardano Price| Tradingview

ADA, the native cryptocurrency of the Cardano ecosystem, has witnessed a steady recovery since last month with its jump from $0.46 to $0.618. This positive upswing has been recorded by 35% and recovered nearly the entire losses from the last correction.

With this sustained rally backed by increasing volume and occasional pullback, the Cardano price will likely surge 10% to hit $0.677 resistance. This horizontal level is the key neckline of a bullish reversal pattern pattern cup and handle, developing for the past 21 months.

Thus, a successful breakout beyond this barrier will signal a change in market dynamics and offer traders a new long-entry opportunity. Under the influence of this pattern, the post-breakout rally is set to chase a potential target of $1.14.

The post Crypto Price Prediction As Bitcoin Price Pushes Towards $58,000 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am