Synopsis
Bitcoin and major altcoins rallied on February 13, with BTC rebounding above $96,500 despite higher-than-expected US inflation. Ethereum, BNB, and Dogecoin saw notable gains. Analysts suggest Bitcoin could test $100,000 if it holds above $98,000, but volatility remains a concern. Technical indicators show consolidation, while institutional demand and ETF flows will play a crucial role in determining future momentum.
Major cryptocurrencies traded higher on Thursday, February 13, with Bitcoin, Ethereum, XRP, BNB, and Dogecoin gaining up to 13%.
As of 12:39 pm IST, Bitcoin rose 1% to $96,744, while Ethereum gained 4.65% to $2,720. The global cryptocurrency market cap increased 1.97% to $3.21 trillion in the past 24 hours.
Bitcoin rebounded above $96,500 after briefly dropping to $94,300 following the US inflation data. The US CPI rose 3% year-on-year, exceeding the forecast of 2.9%. Spot ETFs saw outflows of $229 million during the session. “We expect continued volatility in the near term unless ETF flows and institutional demand stabilize,” said Vikram Subburaj, CEO of Giottus.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker8.64% BuyAI Tracker8.55% BuySmart Contract Tracker5.55% BuyDeFi Tracker3.56% BuyCrypto Blue Chip – 52.66% BuyTOP COINS (₹) BNB61,489 (12.13%)BuyEthereum234,836 (3.93%)BuyXRP213 (2.2%)BuyBitcoin8,364,680 (0.58%)BuyTether87 (0.1%)BuyAlankar Saxena, Co-founder and CTO of Mudrex, noted, “Despite high inflation, buying interest emerged in the broader market, signaling a shift in sentiment. If Bitcoin holds above $98,000, it could soon test the $100K mark, marking a potential breakout.”
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Among altcoins, BNB jumped 13.3%, Sui surged 9.5%, and Dogecoin rose 4%, while XRP, Cardano, Chainlink, Avalanche, and Stellar gained between 2% and 4.2%. Tron slipped 1.1%.
“BNB’s ecosystem is gaining traction, with Binance’s ex-CEO CZ actively discussing upgrades and expansion plans,” said CoinSwitch Markets Desk.
Bitcoin’s market cap stood at $1.916 trillion, with a dominance of 59.82%. BTC volume rose 33.2% to $48.92 billion, while stablecoins accounted for $120.51 billion, or 92.69% of total trading volume, per .
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin’s price action shows short-term consolidation between $94,500 and $97,000 on the 1-hour chart, with low volume indicating reduced trading activity. Key support lies at $94,091, while resistance is at $98,490. A break above $97,000 could trigger bullish momentum, while a drop below $94,500 may lead to further declines.
The 4-hour chart shows a bearish trend, with resistance at $102,754 and support at $91,530. Daily analysis suggests consolidation between $94,000 and $96,000, with support at $89,164. Oscillators show neutral signals, while the MACD and awesome oscillator indicate weak bearish momentum.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
