The Bitcoin (BTC) price continues to return after a correction below $ 55,000, and at the time of writing, traders are trying to get the $ 57,000 level back in support.
Data from Cointelegraph Markets and TradingView show that an early morning sale pushed the price of bitcoin to a daily low of $ 53167, and while bearish buyers were able to intervene, the lack of buying volume keeps bitcoin tightly categorized. …
While the bitcoin price may still face general resistance in the $ 56,000 to $ 58,000 range, there are still strong optimistic arguments as the $ 6.1 billion bitcoin options expire on March 26. According to Cointelegraph shareholder Marcel Bischman, the derived data indicates that the upcoming maturity is more profitable for bulls as long as BTC stays above $ 52,000.
Ether (ETH) has also been trading in a consolidation pattern since reaching a high of $ 1,950 on March 13, and professional traders see the $ 1,750 level as strong support after several bearish resales last week.
Altcoins are forged ahead while Bitcoin price recovers
Several altcoins gathered strongly on Tuesday when announcements about partnerships and exchange lists proved to be effective driving forces.
The biggest announcement of the day came from Coinbase Pro, which revealed that it has started accepting transfers from Cardano (ADA) and will support trading services “on Thursday 18 March after 09:00 NPT, if the liquidity conditions are met.”
Terra (LUNA) also made a double-digit overnight gain, rising more than 40% from a low of $ 14.60 on March 15 to a full-time high of $ 20.60 at a trading volume of $ 1.4 billion.
The Basic Attention Token (BAT) value has also risen to a new full-time high of $ 1.18 as the blockchain-based browser continues to benefit from more ads, including the acquisition of a search engine provider and plans to merge NFT features. and a DEX cluster.
Traditional markets crash due to increasing treasuries
Global financial markets fell on Tuesday under pressure from weaker-than-expected retail trade and rising 10-year government interest rates, which closed the day 0.87% higher at 1.621.
After record highs on March 16, the S&P 500 and Dow reached daily lows, closing 0.16% and 0.39% lower, respectively. Nasdaq was able to gather late in the day, which helped close the price at 0.09%.
Analysts expect accelerated growth in the cryptocurrency market
Despite the fall in prices for both Bitcoin and Ether, the outlook for the cryptocurrency market is optimistic as signs of continued prevailing acceptance emerge every day.
The data show that long-term cryptocurrency holders have accumulated BTC in recent months, while short-term traders are confident that high speculative trading will pay off. The steady increase in the accumulation of bitcoin indicates that the current beef market has plenty of room to develop.
The total market value of cryptocurrency is now $ 1.723 trillion, and Bitcoin’s dominance rate is 60.8%.