Altcoins
Bitcoin Skyrocket to $70,000 Sparks Market Optimism, Altcoin Momentum
Market sentiment today was largely positive, with Bitcoin hitting a new all-time high of $70,199 on the Coinbase exchange. This impressive milestone was driven by renewed investor interest and anticipation of falling global interest rates. However, the failure to sustain the breakout above $70,000 suggests that the bears remain active at higher levels, indicating a potential struggle between buyers and sellers.
Despite the positive Bitcoin market sentiment, the market as a whole has seen mixed performance, with 82% of coins suffering losses in the last 24 hours. However, amid the volatility, some altcoins like Livepeer, Baby Doge Coin, and Coq Inu emerged as the major gainers.
Bitcoin Price Analysis: BTC Shows Resilience Above $68,000
Bitcoin price hit a new all-time high on March 8, but the long wick of the day’s candlestick shows profits recorded at higher levels. While buyers remained dominant, profits recorded at higher levels suggested the presence of downward pressure. Bitcoin prices fell back to $68,633.15, a level they have held for the past 12 hours.
If the bulls manage to keep the price above $70,000, the BTC/USDT pair is likely to rise to $76,000 and then to $80,000. Conversely, if the price declines sharply and breaks below $62,500, this could indicate profit booking by short-term traders, potentially leading to a slide towards the 20-day exponential moving average ($59,727 ). The bears are expected to push the price below this support level to suggest the start of a corrective phase.
Ethereum Price Analysis
Ethereum price gained 0.83% to $3,931.55 at press time, with a market valuation of $472.14 billion. Ether trading volume also increased by 14.71%, reaching $24.76 billion. Ether price rose after the correction on March 5 and broke above the $3,822 resistance on March 6, signaling the resumption of the uptrend.
The ETH/USDT pair could potentially rise to $4,150 and then to $4,375. If the price declines from the upper zone but finds support at $3,600, it will suggest that the rally could continue for some more time.
However, traders should be careful as the Relative Strength Index (RSI) has been trading inside the overbought zone for several days, suggesting that the pair is ripe for a correction or consolidation in the coming days. . The bears could gain the upper hand if there is a decline below the 20-day exponential moving average ($3,352).
Performance of Altcoins
Among major altcoins, Binance Coin (BNB) price surged 4.30%, hitting $489.40, while its 24-hour trading volume increased 0.11% to 3.52 billion of dollars. Solana price held above the $145 level, gaining 1.85% to settle at $146.83.
However, Solana saw a 9.77% drop in trading volume to $5.36 billion in the last 24 hours. XRP price traded past $0.62 amid gains, registering a 0.48% increase to $0.6277, although its trading volume fell 3.41% to 2 .08 billion dollars.
The cryptocurrency market has seen mixed performance, with 82% of coins losing value in the past 24 hours. The biggest gainers were Livepeer (61.52%), Baby Doge Coin (48.80%) and Coq Inu, while the biggest losers were Bitget Token (-8.39%), DeXe (-5.61%). %) and Injective.