Bitcoin Struggles as Ether Battles to Reclaim $3K Amid Lack of ETF Flows

Bitcoin experienced a dip in price on February 20th due to limited buy demand caused by a public holiday in the United States. Throughout the week, Bitcoin had a relatively flat start but ultimately ended with a decrease in price after the daily close on February 19th. It did manage to recover and reach $52,000. The closure of Wall Street on the President’s Day holiday meant that there were no new inflows into Bitcoin exchange-traded funds (ETFs) recorded. In recent weeks, these inflows have consistently boosted market sentiment and led to a positive feedback loop with others trying to get ahead of institutions by buying BTC early.

According to a trading resource called Material Indicators, the long weekend provided an opportunity for the Bitcoin price to calm down after its recent rapid gains. They also outlined potential lower targets if bears were to take control of the market. Ether, the largest altcoin, had a better performance than Bitcoin during this time. It reached new 22-month highs of $2,984 on Bitstamp, and traders have been shifting their focus towards Ethereum instead of Bitcoin.

Some experts, such as Michaël van de Poppe, founder and CEO of MNTrading, believe that this is a crucial period to transition from Bitcoin to Ethereum. They argue that Ethereum’s upward momentum is more significant than Bitcoin’s at the moment. Other traders, including Skew, believe that altcoins, in general, show promise for traders, but Bitcoin should still maintain its strength on weekly timeframes.

Bitcoin experienced a dip in price due to limited buy demand caused by a public holiday in the United States. While Ether reached new highs and garnered attention from traders, some experts still believe that Bitcoin will maintain its strength in the market.