BTC Remains Above $56,000 – ihodl.com


Bitcoin has started the last week of March with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $56,245.79 (+0.11%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $1,710.99 (-0.35%), while XRP has increased by 0.72% and is now trading at $0.559.

FxPro’s team of analysts say:

“After Bitcoin failed to break above $51,000, the bulls have shown they had no intention of backing down by pushing the currency higher. However, the main good news is not even a bounce, but the crypto’s ability to reach higher levels. Over the weekend, Bitcoin has been trading in the $55,000-57,000 range. At the start of the workweek, the currency is recording a price dynamic close to zero and is trading around $55,600. However, there is also an alarming signal for the market as a whole – a decrease in trading volumes.

After reaching a local low at $51,000, the coin’s trading volume recorded a dramatic drop of 44%, which could indicate an increasingly large-scale transition of crypto market participants to the wait-and-see mode.

After a large-scale liquidation of traders’ positions, it is quite possible to consider what is happening now as a very good scenario, as BTC has not only remained above $50,000, but has also been able to recover. If the consolidation process is successful, new investors for whom the previous current levels were too high an entry point may enter the market.

The new US administration continues to generate news about the next stimulus, so for the global market this may mean maintaining the current trend. It is believed that some of the stimulus will necessarily come to the crypto market, which means ‘the party will go on’.”

According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.

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As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,771,229,054,142.

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