Bitcoin is on track to end its six-month losing streak and close February in the green | Finance and Markets

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Bitcoin stabilized at 3,875 USD, appreciating slightly during the day by 0.5%. Despite the recent loss, the cryptocurrency is on track to end its six-month losing streak and close February in the green for the fifth consecutive year. Bitcoin is trading at a 10% gain on the monthly opening price of 3,434 USD.

Other cryptocurrencies are performing also stable. Ethereum recovered slightly from the recent drop and appreciated by 1.73% today to 140.57 USD. The monthly performance of the cryptocurrency is also positive, rising by more than 30% since the beginning of the month.

Ripple is among the few losing cryptocurrencies today, wiping out 0.44% to 0.321760 USD. For the month, the coin is also up, but much more modestly – only 3%.

EOS appreciated by 1.55% today to 3.55 USD and for the month accumulated growth of more than 50%.

Cryptocurrency market is a mixed picture on Wednesday with Bitcoin and all major altcoins oscillating in tight ranges with no viable signs of an imminent breakthrough. The total value of the cryptocurrency market returned to 131.138 billion USD.

Bitcoin analysis

Bitcoin is lethargic marginally above 3,800 USD. Considering a confluence of strong technical indicators, the upside will be difficult until 3,900 USD. A move higher will heighten the chances for another leg up, above 4,000 USD.

BTC USD price

The Bitcoin is currently trading at the 3,875 USD price level as it approaches the first resistance level at the 50-period exponential moving average. A bullish break of this popular average would clear up any doubts, and we could see a steady inflow of new money into the market.

The next bullish target for Bitcoin is 3,900 USD (price congestion resistance), then 4,050 USD (price congestion resistance) and finally the previous bullish movement high of 4,188 USD (price congestion resistance).

Below the current price the first support level is at 3,752 USD (SMA100), then at 3,690 USD (price congestion support) and finally the critical support of the moment at the 3,600 USD price level, where price congestion support and the 200-period simple moving average converge.

Ethereum analysis

Ethereum has settled above 139.00 USD after a short move to 135.70 USD. The second largest coin is waiting for the upcoming Ethereum network updates, which makes it somewhat volatile. The event is scheduled for February 28, and if everything goes smoothly, Ethereum might experience a strong relief growth.


Ethereum is currently trading at the 140.57 USD price level, after finding support in the 100-period simple moving average.

Above the current price, the first resistance level is marked by the exponential moving average of 50 periods at 141.30 USD and it is followed very closely by the price congestion resistance at 142 USD. The second resistance level is at 150 USD (price congestion resistance), while the third is at the price level of relative highs at 166.50 USD.

Below the current price, the first support level for the Ethereum is at 135.7 USD (SMA100), then the second at 131 USD (price congestion support) and the third support level in the 120 USD zone (price congestion support) and reinforced by the presence of the SMA200 at 122.30 USD.

Nasdaq officially released Bitcoin and Ethereum indexes

The stock exchange expanded its global data service on Monday after including Bitcoin and Ethereum indexes. In an official announcement earlier this month, the stock exchange said that using the Brave New Coin data, Nasdaq will send Bitcoin and Ethereum real-time data through the Nasdaq Global Index Data ServiceSM (GIDS).

The service, which originally started in 1971, provides current and historical data on the index of the diverse set of Nasdaq Global Indexes covering all geographic areas and multiple asset classes. Officially, the indexes of the two largest crypto-points will also be listed there.

Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) will offer the real-time reference rate for the price of 1 BTC and 1 ETH. Prices are quoted in US dollars and “based on the most liquid ends of their markets”. The data will be updated at a frequency of thirty seconds.

The stockbroker said that BLX was one of the most common Bitcoin indexes among the crutch traders and was calculated by 2010. Also, ELX was calculated by 2014. Both indices were calculated using a methodology that was independently audited against key IOSCO principles.