Optimism continues to creep into the cryptocurrency sector The recent gains in Bitcoin (BTC) helped push the higher-rated cryptocurrency valuation well beyond the South Korean won.
Data from Cointelegraph and TradingView Markets shows this Bitcoin price saw a sell-off early in the day that sent the price down to $ 54,948 before the bulls pushed the price back above $ 57,000.
4 hour chart BTC / USDT. Source: TradingView
Regardless of Bitcoin’s price movement, institutional investors have consistently expressed an interest in Bitcoin. Present day, MicroStrategy announced that it bought another 262 BTC at an average price of $ 57,146, bringing the company’s total holdings to 91,326 BTC.
As David Lifchitz ExoAlpha Chief Investment Officer, Price action in the coming days “It will show whether Bitcoin is ready to reach new heights or if there is a downturn.”
Lifchitz noted that the price of BTC fell slightly on Friday after the pause “A few basis points below its all-time high,” This is probably due to the profit taking “from those who made 10% of the profits from $ 45,000 to $ 57,000”.
Includes bullish indicators for Bitcoin identified by Lifchitz Institutional buyer interest around the $ 45,000 level and the recently approved stimulus package by President Biden which, he said, “could go straight into buying cryptocurrencies.”
Lifchitz conceded that although Bitcoin’s price is in a long-term bullish trend, there are some reasons for a more bearish outlook in the short term. Some of the factors to consider are the upcoming US tax season, This may prompt some investors to sell a portion of their holdings as a way to raise money to pay taxes on profits earned during 2020.
Another short-term downside factor was identified by Lifchitz The potential spillover effect of selling conventional assets that “extends to any extent and may see some profit taking in the short term.”
In general, Lifchitz concluded:
Sideways consolidation is likely here in the short term before the possible breakout to a new all-time high if the pullback remains steady as shown above.
Investors are rushing to buy non-exchangeable tokens
Non-exchangeable tokens are still the hot topic in the cryptocurrency space yet March 11 Beeple’s NFT auction sells record of over $ 69.3 million
Chili’s (CHZ) He is the star of the day, With $ 5.55 billion in 24-hour trading volume, the blockchain-based platform for fan sharing raised its price by 82% to an all-time high of $ 0.59.
4 hour CHZ / USDT chart. Source: TradingView
VORTECS ™ data from Cointelegraph Markets Pro began discovering a bullish outlook for the CHZ on March 10, before the recent price rally.
The VORTECS ™ score, exclusive to Cointelegraph, is a mathematical comparison of historical and current market conditions drawn from a set of data points including market, trade volume, recent price movements, and Twitter activity.
VORTECS ™ result (green) vs CHZ price. Source: Cointelegraph Pro Markets
As can be seen from the previous graph, The VORTECS ™ score rose from a low of 49 on March 8 to a high of 84 on March 10, nearly 24 hours before the price rose by 175% and hit a new all-time high two days later.
Decentralized financing projects have been in the consolidation phase recently after making significant gains during the first two months of 2021, meanwhile, decentralized key exchange platforms and DeFi are exploring options such as bridges across chains and tier 2 solutions to achieve this. On the Ethereum Network (ETH).
Polygon (MATIC) and SKALE (SKL) are two solutions to scale Ethereum outperforming other currencies this week after both tokens posted increases close to 100% after being listed on Coinbase on March 9th.
Daily performance of the cryptocurrency market. Source: 360 coin
In general, the cryptocurrency market came under some pressure at the weekend. The pullback was likely due to Bitcoin price rejection near an all-time high rather than signaling a trend reversal, but even so, most of the big-cap cryptocurrencies fell between 2% and 10%.
The total cryptocurrency market cap is currently at $ 1.71 trillion and Bitcoin’s dominance is 62%.
The opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risks, you must do your research when making a decision.
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