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Data from Cointelegraph Markets and TradingView show that a morning wave of selling pushed the price of bitcoin to an afternoon low of $53,167, and although buyers managed to get in, a lack of buying volume is keeping BTC trapped in what appears to be an increasingly narrow range.
4 hour chart BTC/USDT. Source: TradingView
Although the bitcoin price may continue to face global resistance in the $56,000 to $58,000 range, there is still a strong bullish scenario as the 26th trading day of the year is expected to see the bitcoin price reach the $56,000 to $58,000 range. March’s potential options on bitcoin expire worth $6.1 billion According to Cointelegraph contributor Marcel Pechman, the derivatives data suggests that the upcoming expiration is pretty bullish for the bulls, as long as BTC stays above $52,000.
Ether (ETH) is also trading in a consolidation pattern since it broke down on the 13th. March reached a new high at $1,950 per ounce, and professional traders see the $1,750 level as solid support after it was revised down several times last week.
altcoins gaining ground as bitcoin price rebounds to
Several altcoins rose in price Tuesday, as partnership announcements and exchange listings proved effective in driving prices down.
The biggest announcement of the day came from Coinbase Pro, which said it has begun accepting incoming transfers from Cardano (ADA) and supporting exchanges on Thursday, March 18 at 9 a.m. or later, if liquidity conditions are met.
Terra (LUNA) also contributed to a double-digit gain overnight, rising more than 40% from a low of $14.60 on the 15th. in March to a new high of $20.60 at $1.4 billion.
LUNA/USDT card 4 hours. Source: TradingView
Token Basic Attention (BAT) also saw its price rise to a new record high of $1.18 as the blockchain-based web browser continues to benefit from several announcements, including the acquisition of a search engine provider and plans to integrate NFT and DEX aggregator capabilities.
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Traditional markets collapse while Treasuries rise
Global financial markets were under pressure Tuesday as retail sales came in weaker than expected and the yield on the 10-year Treasury bond rose 0.87% to 1.621.
After the reports of 16. In March, the S&P 500 and the Dow fell 0.16% and 0.39%, respectively, during the day. The NASDAQ was able to put in a late rally that provided a gain of 0.09%.
Analysts predict accelerated growth in the cryptocurrency market
Daily indicators for the crypto-currency market. Source : coin360
Despite the price declines of Bitcoin and Ether, the overall outlook for the cryptocurrency market is bullish, as there are daily signs of a solid move into the mainstream.
The data shows that long-term crypto currency holders have been accumulating BTC in recent months, while short-term traders are confident that high leverage speculative trading will pay off. The continued growth in BTC accumulation suggests that the current bull market still has plenty of room.
The total capitalization of the cryptocurrency market is currently $1.723 trillion, with bitcoin dominating at 60.8%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.
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