Bitcoin (BTC) broke the $ 50,000 resistance level in the early hours of trading on March 3 as the bulls gained momentum and most cryptocurrencies joined the rally during the day.
Data from Cointelegraph Markets and TradingView show that bitcoin’s price stood at $ 48,500 in the early hours of March 3 and then rallied 8.6% to an intraday high of $ 52,631. Bitcoin is currently trading below $ 51,000, and while $ 50,000 may be weak support, a daily close above the 23.6% Fibonacci retracement level ($ 52,000) is needed to confirm an upside reversal. …
Chain analysis from CryptoQuant shows that bitcoin whales are consistently buying as they dip below $ 50,000, and according to CryptoQuant CEO Ki Yong Joo, institutional purchases are made with support at $ 48,000, as shown by the orange line highlighted in the chart above.
The massive adoption of bitcoin continues in Canada when Ninepoint Partners announced plans to change their bitcoin offering to a Toronto-listed fund in an effort to increase trading liquidity and provide a better trading price.
Higher yield puts pressure on traditional markets
Bitcoin’s rise to over $ 50,000 and further consolidation in mainstream financial markets has led some analysts to wonder when new permanent jobs will emerge. Negative macroeconomic factors are currently operating on global markets, and this could weaken growth in the short term.
The S&P 500, Dow and NASDAQ were under selling pressure throughout the trading day, closing down 1.31%, 0.39% and 2.7% after rising US 10-year government bond yields heightened concerns about the state of the US and world markets.
According to Chad Stinglass, head of trading at CrossTower, on Wednesday, market participants intend to “renegotiate price-based selling” from February 25 as tech stocks and ARK funds face mounting pressure.
Steinglass said the hurdles BTC faced in the US market was a result of “GBTC pulled with it as GBTC’s discount increased to about 4.5%.” Despite these concerns, Steinglass sees recent positive comments on Bitcoin from Citigroup and Fidelity as strong support for the story of increased institutional adoption.
The fact that Bitcoin continues to show strength even as GBTC acts as a barrier of resistance holding it back is very reassuring and shows me that the whole story, the story of accelerating adoption, is still intact. ”
Small and large altcoins move up
Bitcoin’s appreciation of more than $ 50,000 also helped fuel a rally in digital currencies, with most of the first 100 coins rallying on Wednesday.
Ether (ETH) rose 8% to a daily high of $ 1,610, while Cosmos (ATOM) rose 15.7% to a daily high of $ 21.18.
Enjin Coin (ENJ) was the breakout star today, rallying more than 50% to hit a new all-time high of $ 1.32. The double-digit surge appears to be due to the growing popularity of NFT and Engin’s move into the burgeoning NFT market.