Ether price battles to reclaim $3K amidst Bitcoin’s ETF outflows

Bitcoin (BTC) experienced a drop in price on February 20 due to limited buy demand during a public holiday in the United States. The BTC/USD 1-hour chart showed that Bitcoin reached a low of $51,329 on Bitstamp. Despite a relatively flat start to the week, Bitcoin saw a recovery and reached $52,000 after the daily close on February 19. The closure of Wall Street on the previous day for the President’s Day holiday meant that there were no new inflows into spot Bitcoin exchange-traded funds (ETFs). Inflows into these ETFs have been boosting market sentiment recently, as investors try to anticipate institutional buying by purchasing BTC in advance. Trading resource Material Indicators suggested that the long weekend would lead to a calmer BTC price action. However, there were concerns that if Bitcoin failed to rebound, it could drop to $51k, $50k, or even $48.6k as support levels. Meanwhile, the focus shifted to Ether (ETH), the largest altcoin, as Bitcoin’s performance remained lackluster. ETH/USD reached new 22-month highs of $2,984 on Bitstamp. Trading firm MNTrading’s founder and CEO, Michaël van de Poppe, stated that this was a significant period for investors to rotate from Bitcoin to Ethereum. Skew, another popular trader, believed that altcoins had potential for traders, but Bitcoin should still maintain its strength on weekly timeframes. This article should not be taken as investment advice, and readers are advised to conduct their own research before making any decisions.