Bitcoin (BTC) The price is still recovering from its correction below USD 55 000 and at the time of writing, traders are trying to regain the level of USD 57 000 as aid.
Data from Cointelegraph Markets and TradingView shows that the wave of early morning sales pushed the price of bitcoins to a daily low of $ 53,167 and while dip buyers managed to enter, the lack of purchase volume keeps BTC pressed to a level that appears to be tightening.
While the price of bitcoin could continue to meet the overhead resistance in the range of $ 56,000 to $ 58,000, there is still a strong bullish case such as potential $ 6.1 billion bitcoins expires on March 26. According to Cointelegraph contributor Marcel Pechman, data on derivatives suggest that the upcoming expiration is more advantageous for bulls if BTC remains above $ 52,000.
Ether (ETH) Also traded in a consolidation pattern since the founding of a new historic high at $ 1,950 on March 13 and Professional traders consider the $ 1,750 level to be a strong boost after several bear tests in the last week.
Altcoins are pushing forward as the price of bitcoin recovers
Several altcoins saw price breaks on Tuesday as partnership announcements and securities exchanges proved to be effective tools for changing prices.
The biggest announcement of the day came from Coinbase Pro, which revealed that it started accepting incoming Cardana transfers (HERE IS) and will support business services “on Thursday 18 March after 9:00 PT, provided that the liquidity conditions are met.”
Terra (LUNA) also made another double-digit profit overnight, rising more than 40% from a low of $ 14.60 on March 15 to a new all-time high of $ 20.60 with a trading volume of $ 1.4 billion.
The Basic Attention Token (BAT) also saw prices rise to a new record high of $ 1.18 as the blockchain-based web browser continues to benefit from several announcements, including acquiring a search engine provider and plans to integrate NFT and DEX aggregator features.
As treasuries grow, traditional markets decline
Global financial markets fell under pressure on Tuesday as weaker-than-expected retail sales and rising ten-year Treasury yields closed the day by as much as 0.87% to 1,621.
After record highs set on March 16, the S&P 500 fell throughout the day, closing 0.16% and 0.39%, respectively. NASDAQ was able to start a late rally, which helped its price close 0.09%.
Analysts predict accelerated growth in the crypto market
Despite the fall in the price of bitcoin and ether, the overall outlook for the cryptocurrency market is bullish, as there are signs of continued mainstream acceptance on a daily basis.
The data show that long-term holders of the cryptocurrency were accumulation of BTC in recent monthswhile short-term traders believe that speculative trading with high leverage pays off. The steady increase in BTC accumulation suggests that the current bull market has ample room to run higher.
The total market capitalization of the cryptocurrency is now $ 1.723 trillion and the bitcoin dominance rate is 60.8%.
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