Market review, February 12, 2020

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2020-02-12 14:01:15

The total volume of crypto assets of the Grayscale Bitcoin Trust (GBTC) reached 285,000 BTC ($2.8 billion). The fund’s historical maximum ($ 3.3 billion) was recorded on December 18, 2017, when bitcoin was twice as expensive.

The share of bitcoins controlled by GBTC is now at a historic high. The trust has 1.57% BTC of the first cryptocurrency‘s total volume.

In January, the activity of GBTC investors more than doubled. Last month, the number of transactions amounted to $ 43.49 million, and a month before this figure was only $ 18.80 million.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin rose to the resistance level of $10,500. Now, it is $10,380. In the future, we expect an increase in the price of bitcoin. The nearest resistance levels are $10,500, $11,000, $11,500, $12,000. The nearest support levels are $10,200, $10,000, $9,700, $9,450, $9,200, $9,000, $8,720, $8,500, $8,380, $8,250.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum grew to the resistance level of $257. Now, the price of ethereum is $255. In the future, we expect a technical correction downwards. The nearest resistance levels are $255, $257, $260. The nearest support levels are $250, $245, $236, $230, $224, $219.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple grew to the resistance level of $0.2980. Now, it is $0.2960. In the future, we expect a technical correction downwards. The nearest resistance levels are $0.29, $0.31. The nearest support levels are $0.2855, $0.2810, $0.2710, $0.2650, $0.2580, $0.2530, $0.2450, $0.24.


Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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