Bitcoin (BTC) briefly recovered to the $ 60,000 level on March 18 due to concerns over the strength of the stock market due to the rise in US government interest rates.
Data from Cointelegraph Markets and TradingView show that the bitcoin price began to rally late in the evening of March 17, topping just over $ 60,150 before meeting general resistance.
According to Ben Lilly, analyst and co-founder of Jarvis Labs, the steady pace of currency issuance has resulted in a good move in the price of BTC over the past two days. This contrasts with the temporary action in the new share issue seen earlier this month. For Lilly, this means that parties interested in buying bitcoins begin to “ramp up” their activities as the market grows.
Lilly highlighted the upcoming expiration of the option on March 26 as something that could affect recent moves as “many traders keep profits pegged to expiration,” indicating that trading activity may be muted by that date.
“If this is the case – good stable currency flow and large outflows that are happening – then this is largely related to new all-time highs in the coming weeks. An increase in speed in April could lead to a $ 100,000 summer race. hope for. ”
Altcoins join the rally
A plethora of digital currencies also rose on Thursday thanks to new partnerships and massive IPOs.
Cardano’s Ada (ADA) has garnered increased attention over the past three days as several new listings, including its addition to Coinbase Pro on March 18, helped push the ADA price up to $ 1.48 full-time. The price spike also helped ADA transform Binance Coin (BNB) into the third largest cryptocurrency by market cap.
Other notable deals of the day include Theta, which rose 18% to all-time highs of $ 8.35, and Line Finance (LINA), which rose 175% to a new all-time high after the announcement. You can now trade on Binance.