On March 23, the bears were able to push the price of bitcoin (BTC) below the support level of $ 54,000, as some data in the network showed that whale wallets began to slow down purchases and reduce the risk for private investors.
Data from Cointelegraph Markets and TradingView shows the downturn that began March 22 and continued Tuesday as the price tested the $ 54,000 support level for the second time this week.
Coinshares data show that BTC remains the preferred asset for institutional investors, while the sector as a whole continues to see significant growth as institutions currently manage $ 57 billion in assets.
The uptrend remains unchanged despite the recent withdrawal.
While inexperienced traders and newcomers to cryptocurrencies may view the recent pullback as a sign of a setback, Michael Van de Pope, an analyst at Cointelegraph Markets, sees the pullback as an upward trend in Bitcoin.
Data from CryptoQuant, the provider of chain data, shows a total of 14,600 BTC again Coinbase in the early hours of March 23. Traders generally view BTC churn as an upward trend, as the perception of lack of supply is a popular bullish narrative among crypto. critics.
Although there is no way to confirm that the outflow was a result of whale collection, the whale map analysis shows that there was a significant rally of $ 55,000, but the researchers warned that if the current support fails, the next strong support is $ 47,438. …
Analysts at Jarvis Labs took a slightly different view and suggested that traders look beyond general currency flows to understand the daily movements of the BTC.
According to Jarvis Labs co-founder Ben Lilly, “It’s important to know which portfolio is involved in overhead.”
Jarvis Labs tracks a wallet called “Pablo” and analysis shows that this wallet has historically been associated with the downward movement of the bitcoin price. Pablo last transferred BTC during a sharp market correction at the end of February.
Jarvis’ team recently noticed that Pablo started mixing around 15,000 bitcoins on March 4, indicating a potential drop in prices. The payment took place on March 14 when bitcoin rose to over $ 60,000 and was looking for a new full-time high.
“This behavior marked the last phase of the recent downturn in the short term, which is in line with the expiration of the next major alternatives. This is what could pave the way for higher altitudes in the future. We are still optimistic in April, and general currents confirm this. ”
Determine Altcoin Rise When Bitcoin Falls
Despite the downward movement in the price of Bitcoin, several digital currencies have managed to climb to new heights. As reported by Cointelegraph, the Coinbase effect has increased the price of Ankr (ANKR), Curve DAO Token (CRV) and Storj (STORJ) from 50% to 100% and is expected to start trading on Coinbase Pro from 25 March.
CRV / USDT vs. ANKR / USDT vs. STORJ / USDT chart in one day. Source: TradingView
Theta (THETA) and Theta Fuel (TFUEL) also continued their solid gains on Tuesday after it was revealed that Sierra Ventures, Heuristic Capital, VR Fund and GFR Fund “have deposited over $ 100 million in THETA on Enterprise Validator Node.” … ”
Following the announcement, Theta shares raised 40% to a new full-time high of $ 14.21, while TFUEL raised 30% to a new all-time high of $ 0.53.
The total market value of cryptocurrency is now $ 1.69 trillion, and Bitcoin’s dominance is 59.8%.