Bitcoin price shows signs of recovery into a plunge, Altcoins increased slightly from 2% – 3%, most notably ADA
Bitcoin price ended the first week of March with a bit of fanfare as the market rebounded after last week’s 21% plunge.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price today shows signs of recovery into a plunge
At press time, Bitcoin is trading around $ 48,231, recording a near 3% gain over the past 24 hours. There are many signs that the global economic recovery could come faster than previously expected, and traders are speculating about what that could mean for the biggest cryptocurrency.
BTC trades above 10 and 50-hour average on the hourly chart, a bullish signal for market technicians.
Jason Lau, chief executive at San Francisco-based crypto exchange OKCoin, said:
“Bitcoin is consolidating around $ 50,000 after rebounding from its lows earlier in the week. Most recently, its price action has been fluctuating in this range, while interest is open to bitcoin futures. is also consistent.”
$ 50,000 appears to be a key short-term resistance level as well. This price range, which already has a high level of trading activity, is expected to act as strong resistance in the short term as investors in this price range may seek breakeven positions. of them at this point.
The cryptocurrency market also fluctuates according to Bitcoin. In particular, Ethereum increased 4.37% compared to 24 hours ago to 1,539.53 USD. Cardano (ADA) strongest increase in the top 10 surged 8.24% over 24 hours trading at $ 1.15. Binance Coin increased 2.91%, to $ 225.35. Polkadot increased 1.52%, to 33.40 USD. XRP slightly increased to $ 0.4613, 1.08% higher than the previous 24 hours.
Those investors ended up learning the hard way that there is no replacement for Bitcoin. Altcoins plunged by as much as 99% in most instances, while Bitcoin wiped out only 84% of its gains by comparison. Both scenarios are now far in the rearview, and since then Bitcoin has a commanding lead.
BTC dominance has lost an important monthly trendline dating back to the top of the last bull market | Souce: TradingView
At the height of that fever, dominance reached as low as 35% but has since remained around or above 63%. That key level was lost at the same time a pivotal trendline was, and now there could be no over-performance in Bitcoin for the next year or more.
The trendline in question dates back four years to the bull market peak and has kept dominance supported ever since.
You can see the BTC price here.
Read more:
- Tim Draper Believes That Netflix Is The Next Big Company To Buy Bitcoin, Amazon Could Start Accepting It
- Bitcoin Price Failed To Maintain The Price Above $ 50,000 And Has Plunged 5.1% In The Past 24 Hours, Most Of The Other Coins Are Also In The Red