Bitcoin Analysis Thursday, March 25

Bitcoin Analysis Thursday, March 25

Yesterday, Bitcoin was able to reach levels above $ 55,500 and $ 56,000 with the start of a proper recovery process. BTC even crossed the $ 57,000 resistance and the simple moving average of 100 (hourly).

However, the currency failed to continue its uptrend further, and as a result, resumed its downward trend after forming a price ceiling at $ 57,235. In the hourly chart of the BTC / USD pair, a price break is seen below a major uptrend line with support near $ 54,220.

The price of Bitcoin fell even below the support level of $ 54,000 and the pivot level of $ 53,200. Following this downward trend, the weekly price floor formed around the level of $ 51634 and bitcoin entered the consolidation phase. The first resistance is near the level of $ 53,000, which is near the correction level of 23.6% Fibonacci, the downward trend of $ 57,235 to $ 51634.

The first major resistance to this market cryptocurrency is near the $ 53,200 pivot level. If we see the price rise again above the $ 53,200 level, the probability of reaching the $ 54500 level increases. The 50% Fibonacci retracement level is down from $ 57,235 to $ 51634 and close to $ 54500.

If the bitcoin correction trend does not lead to levels above $ 53,200 and $ 545,500, in the short term it is more likely to continue its downward trend. In this case, the first support will be close to the level of $ 51,500.

The first major support is now close to the $ 51,000 level, below which the $ 50,000 support area is likely to be touched. Any further price cuts could lead to a move to the $ 48,000 level.

Technical indicators

The hourly MACD for the BTC / USD pair is slowly accelerating in the downtrend.

The hourly RSI for the BTC / USD pair is now below the 40 level.

Main support: $ 51,000 and $ 50,000

Main resistances: 53200, 54500 and 55000 dollars

An overview of the cryptocurrency market Sunday, February 21

An overview of the cryptocurrency market Sunday, February 21

The currency calmed down to about $ 56,000 after the last bitcoin price hit a record high of $ 57,500 and then reached $ 54,000 with a sharp correction. Most replacement coins have also been declining over the past 24 hours.

Bitcoin settles at $ 56,000

Last week was a good week for the market's top cryptocurrency as it was able to offset the loss from the recent fall of $ 46,000. In the following days, the asset set a new record with a price increase of more than $ 11,000.

These developments led to the beginning of the last significant rally of this currency. The uptrend started at $ 55,000 and ended at levels above $ 57,500.

As is sometimes the case in the world of cryptocurrencies, this record was followed by a sharp drop in price to $ 54,000 in most cryptocurrencies, but Bitcoin managed to get out of this correction immediately and is now priced at around It will be traded for 56 thousand dollars.

The market value of the BTC mark has remained at $ 1 trillion, while the dominance of this asset in the market has slightly increased to 61.5% because most altcoins have turned red in the last 24 hours.

Blood bath in the Altcoins market

Over the past few days, most Altcoins have begun to grow; Of course, none of them may have grown as significantly as Baines Coin (BNB). The cryptocurrency gained three-digit growth in the last seven days, setting a new record at around $ 350. It is interesting to know that less than a month ago, BNB was trading at $ 40!

Yesterday, the local currency of Bainance Exchange started a corrective process and lost almost $ 100 of its value and reached $ 260. Atrium fell 4 percent after failing to close its daily candle above the $ 2,000 milestone. Ripple (7.5%), Light Coin (8-%) and Bitcoin Cash (8-%) are also red.

Polkadat reached a new record above $ 40 yesterday and for a short time even replaced the BNB among the top 3 currencies in the market, but has since stopped and is now trading below this level. Cardano (ADA) also rose 6 percent to $ 1.12.

However, on the 24-hour UNI scale, with a 25% increase, it saw the largest price increase among high-value altcoins. As a result, the Uniswap dominance token hit a record high of $ 32 earlier today. Thus, this asset became the twelfth largest cryptocurrency in terms of market value.

The situation has been slightly better between lesser-valued altcoins. The Pundi X tops the list with a 55% price increase, followed by Flow (20%), Voyager (19%), BitTorrent (17%) and Ontology (14%).

Quant, on the other hand, had the biggest price drop of 13 percent. Ren (-11%), Solana (-9%), Monero (-9%) and EOS (-9%) are next.

Rick Reader's special look at Bitcoin

Rick Reader's special look at Bitcoin

Asset management giant BlackRock has turned its attention to investing in Bitcoin!

According to Rick Rieder, chief investment officer at asset management giant BlackRock, the company has turned to investing in bitcoin as a replacement for value storage.

Reader commented on BlackRock's interest in an interview with CNBC's Squawk Box on Wednesday morning. He said the asset management giant had taken steps in the field of cryptography, but did not elaborate.

Reader said that people's interest in bitcoin is growing because people are looking for an alternative to store value. He added: "My impression is that this technology has evolved and the regulations in this area have improved to some extent, because some people consider it as part of their portfolio, a factor that causes prices to rise. ”

According to Reader, BlackRock has not yet made any offers on Bitcoin, but since it has a lot of money, allocating part of it to Ramzars "makes sense." However, he remained skeptical that anyone should invest a portion of their assets in Bitcoin.

"I do not consider a number to be allocated, as it depends on the rest of the portfolio," he said. "

As previously reported, given BlackRock's budget, monitoring records indicate that the company is about to buy Bitcoin.

An overview of the cryptocurrency market today February 13

An overview of the cryptocurrency market today Saturday, February 13

On February 12, the price of Bitcoin (BTC) reached its all-time high of $ 48,985 before returning to the $ 46,000 level.

A quick look at the 4-hour chart of this currency shows that the trading of this high-ranking cryptocurrency is in the consolidation stage, but BTC still maintains its bullish momentum through the higher price ceiling pattern and higher price floor. If BTC can maintain its current speed and structure, it is likely that we will see a move towards the $ 50,000 level before the end of the weekend.
Bitcoin currently has about four million coins in circulation, and since June 2020, this figure has been steadily declining due to an increase in whales and corporate investors.

With the increase in wallets containing more than 1,000 BTC units, there is growing evidence that whales are growing. As the number of large wallets increases, so does the number of smaller wallets.

Traditional markets came under pressure early Friday after federal regulators announced Feb. 11 that regulators had launched probes to investigate possible market manipulation of the abnormal jump in GameStop and AMC shares on Robinhood and Reddit.

All three main indices then jumped higher and ended the day with the S&P 500 and NASDAQ trading at 0.47% and 0.50%, respectively. The Dow Jones Industrial Average was up 0.09%.

Atrium (ETH) entered another unknown territory on Friday with a new record of $ 1863, while Polkadat (DOT) reached 29.52 overnight, rising 21 percent among the top 10 currencies.

Other altcoins that have outperformed in the last 24 hours include the Algrand Net Proof Protocol (ALGO), which has risen 38% to a high of $ 1.84. Thezos (XTZ) also rose 23% to a new record of $ 5.41.

Currently, the total market value of cryptocurrencies is $ 1.48 trillion and the bitcoin market dominance rate is 60.4%.

An overview of the cryptocurrency market today Saturday, February 6

An overview of the cryptocurrency market today

The crypto market took a big step forward with the entry of Ether into the $ 1,700 channel and its all-time high of $ 1,773. Atrium futures trading in the Chicago Mercantile Exchange (CME) Group is scheduled to begin on February 9, which is why many analysts predict that the Altcoin will move to serious resistance on its way to It will reach $ 2000.

Ether is currently trading at $ 1,669, up 1.27% in 24-hour timeframe. Meanwhile, the market's top cryptocurrency, Bitcoin, traded up 5.24 percent over the past 24 hours at $ 39,268.

Gas costs in the Atrium network also reached the highest level in history at the same time as the price increase and caused some exchanges to suspend the ability to withdraw ETH and ERC-20.

On February 4, Yern Finance (YFI) was the victim of a massive attack, and a hacker removed $ 11 billion worth of StableCoin DAI from the DAI coffers. The team took swift action to reduce the damage. These include blocking the $ 1.7 million stolen budget and making a targeted proposal by the MakerDAO community to create a debt-for-collateral position (CDP).

Altcoins on the growth path

While Bitcoin traded in the range of $ 36,000 to $ 38,000, Altcoins accelerated and on Friday a large number of Altcoins saw a bullish decline in their price.

MakerDAO (MKR) grew another 45% to $ 3,099 before modifying to $ 2,810, while the Defy 0x (ZRX) Infrastructure Protocol rose 61% to $ 1.63.

Cardano (ADA) showed the most prominent performance among the larger altcoins with a 26.44% increase. Baines Coin (BNB) also reached its highest price at 64.87.

The total value of the cryptocurrency market today stands at $ 1.17 trillion, while Bitcoin dominates 60.1%.