Bitcoin bulls take a breather while BTC price slips below $55,000

Bitcoin bulls take a breather whereas BTC value slips under $55,000


Bitcoin value offered off on March 15 as bears pushed the value again into the mid-$50,000 vary a couple of days after (BTC) hit a brand new all-time excessive above $61,000. 

Information from Cointelegraph Markets and TradingView exhibits that Bitcoin value dropped as little as $54,600 and on the time of writing, patrons haven’t stepped in to arrest the decline.

BTC/USDT 4-hour chart. Supply: TradingView

A collection of current developments have elevated the worry, uncertainty and doubt (FUD) issue for the highest cryptocurrency, together with rumors of a possible digital asset ban in India that may criminalize the possession, issuance, mining, buying and selling and switch of cryptocurrency.

Including to the unhealthy information of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the highest DeFi tasks on the Binance Sensible Chain, fell sufferer to a DNS spoofing assault that sought to phish customers into getting into their personal keys on the web site.

Each tasks instantly knowledgeable customers of the exploit and suggested them to keep away from logging in till the problem is resolved. and are reminded to maintain their personal keys and seed phrases safe and saved offline. On the every day shut CAKE value was down by 8.7% and CREAM dropped by 14.3% earlier than recovering to $110 on the every day shut.

The bullish uptrend stays intact

Regardless of Monday’s decline, merchants are optimistic that BTC will see a fast restoration and a current survey estimates that as much as 10% of the $400 billion in pandemic aid for U.S. citiz may very well be used to buy Bitcoin and shares.

One other bullish signal for BTC comes from the futures markets, the place a file $22.5 billion in open curiosity on BTC futures signifies that bulls stay optimistic that the present uptrend will proceed.

In line with Chad Steinglass, Head of Buying and selling at CrossTower, the early morning sell-off was not stunning as a consequence of a number of elements together with much less liquidity on the weekends which may result in “liquidations in extremely levered swap and choices merchandise that commerce exterior of the U.S.,” exacerbating the downward motion.

Steinglass stated:

“Couple this with the truth that China has been buying and selling weak ever for the reason that Lunar New Yr in each fairness and crypto markets, and a sell-off from the weekend highs, whereas disappointing, shouldn’t be notably stunning.”

Stimulus optimism results in new record-highs in equities

The normal monetary markets rallied on Monday as optimism surrounding the current $1.9 billion stimulus package deal signed by President Biden helped dampen issues associated to rising Treasury yields.

The S&P 500, Dow and NASDAQ all closed the day constructive, up 0.65%, 0.53% and 1.05% respectively. The S&P 500 and Dow each establishing new all-time highs because the buying and selling day closed.

Choose altcoins ignore Bitcoin’s bearish flip

Each day cryptocurrency market efficiency. Supply: Coin360

Regardless of the bearish flip of occasions, a number of altcoins have been in a position to withstand and rally larger.

Enjin (ENJ) noticed its value surge 32% to a brand new all-time excessive of $3.00 throughout the early buying and selling hours because the altcoins quantity surged after being listed on Huobi trade.

The twin-token system of VeChain (VET) and the VeThor Token (VTHO) additionally moved larger as a excessive quantity spike lifted VET to a brand new all-time excessive at $0.0827. VTHO value elevated 37% to $0.0119, its highest degree in over two years.

BTC/USD every day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.71 trillion and Bitcoin’s dominance fee is 60.9%.