March – Bitcoin Market Analysis
31 March, 2021
Bitcoin’s price is moving towards the $60K level as PayPal announced to accept cryptocurrency as a medium of exchange at its millions of global merchants. The PayPal news comes just 24 hours after Visa announced that it would pilot a new payments system using stablecoins on the Ethereum blockchain. Therefore, it is to believe that wider acceptance among the influenced companies, will help push Bitcoin’s price to go higher.
30 March, 2021
The price of Bitcoin soared more than 3% and closed above $57K yesterday. This rally could be caused by the VISA’s new service which accepts stablecoin settlement to the users. The public would increase their interest in purchasing stablecoin. Eventually, more funds are highly possible and end up in buying Bitcoin which is a bullish event for it.
26 March, 2021
The price of Bitcoin temporarily stopped dipping after reaching around the $51,000 mark. Last night, the Federal Reserve reaffirmed its support plan, the whole crypto market took a breath. The expectation of inflation rises and supports those inflation-protected products’ prices. However, the correction seems not done yet, the price of bitcoin might drop down again. Retesting the area around $50,000 is very likely to occur.
25 March, 2021
The Bitcoin market cap back below $1 trillion as correction deepens. However, Fidelity Investments, the $4.9 trillion asset manager, has filed paperwork with the United States Securities and Exchange Commission, to list a new Bitcoin exchange-traded fund. Therefore, it is believed that Bitcoin’s price is still on the bull run trace for the long term.
24 March, 2021
The price of Bitcoin has yet recovered from the recent pullback from the $60K level and is traded around $56K at the time of writing. A further correction on Bitcoin’s price is expected. However, the pro traders remain optimistic about the Bitcoin bull run as a total of 14,600 BTC left Coinbase in the early hours of March 23, according to the data from CryptoQuant. A supply shortage is a popular bullish narrative among crypto pundits.
23 March. 2021
The price of Bitcoin broke below the $55K level after the FED chairman’s critical comment on the top cryptocurrency. Furthermore, since Bitcoin had been rejected twice at $60K during the last few days, makes it vulnerable to any negative comment from the well-influenced governor. Therefore, the price of Bitcoin sees a further correction to test $50K in the short-term.
22 March, 2021
Bitcoin’s price had been rejected twice at $60K level during the last few days. With the US dollar strengthening, the price of Bitcoin faces a further sell-off pressure that may lead to a correction towards the $54K level. However, we expect that Bitcoin’s bull run remains strong.
19 March, 2021
The price of Bitcoin struggles to break out the $60K level, yet it remains bullish. JPMorgan bunched proxy crypto stocks to give skeptical investors exposure to the crypto economy. A few skeptical investors want to invest in the cryptocurrency economy without exposure to tokens’ volatility directly. It indicates that the demand for the crypto investment instrument increases. The optimistic sentiment on Bitcoin remains strong.
18 March, 2021
The economic announcement released from the FED had helped Bitcoin break out $57,000 and brought back the optimistic sentiment. The U.S. Federal Reserve and comments hinted at the possibility of an interest rate hike in 2022 if employment and economic indicators continue to improve. Therefore, the price of Bitcoin will benefit from the low-interest-rate environment.
17 March, 2021
The crypto market is still bullish as the digital asset investment products hit record $4.2B inflows already this quarter, according to CoinShares. Despite a price correction for Bitcoin continues, the fund inflows pace smashing the quarterly record of $3.9 billion set in Q4 2020. Therefore, once Bitcoin consolidated its price above $50K, the next bull run is on the way.
16 March, 2021
The price of Bitcoin faced a nearly 15% correction from the all-time high price at $61,787, its price traded around $55,900 at the time of writing. According to research by on-chain analytics provider, Glassnode, they have found that addresses that have been holding BTC for at least three years have significantly increased their holdings over the past six to 12 months, while short-term holders have been taking profits since the start of 2020. Therefore, we expect that the long-term investors remain bullish on Bitcoin.
15 March, 2021
Bitcoin’s price surpassed the new-time high above $60K on Saturday last week. The price pulled back to $58K, the former resistance level which has become the important support level for Bitcoin at the time of writing. However, the market remains bullish as long as Bitcoin’s price is trading between $56K-$58K.
12 March, 2021
The price of Bitcoin is approaching its all-time high at $58,350 happened on the 22nd of Feb this year. Bitcoin’s price is traded around $56,500 at the time of writing, the bulls are expecting the price to reach $60K anytime soon. Along with the US Congress passing the Covid-19 aid bill, more funds would inflow into the Bitcoin market as expected. Therefore, Bitcoin’s bull run remains strong.
11 March, 2021
Bitcoin’s price hit above $57,000 after the US Congress passed the Covid-19 aid bill yesterday. However, according to the on-chain data, short-term Bitcoin holders start to realize the returns on Bitcoin. In contrast, the number of addresses that have been inactive for at least a decade has increased from roughly 1.7% two years ago to 10.7% today. Therefore, the Giant long-term investors still have confidence in Bitcoin’s bull run.
10 March, 2021
The price of Bitcoin rallies after testing the $53,000 level and keeps moving towards the $55,000 mark. Although the US COVID-19 aid checks bill has been postponed, yet it will soon come to pass as expected. The market is optimistic that the $1,400 checks would partially inflow into the Bitcoin market. Therefore, Bitcoin is expected to go higher in price after the bill releases.
09 March, 2021
Bitcoin keeps rising in price as the investors expect that Congress will finalize a new aid bill on Tuesday, which includes 1,400 checks that would partially inflow into the Bitcoin market. Notably, the new aid bill worth nearly twice the Bitcoin market capitalization, therefore, it is reasonable to believe that Bitcoin could further rise in price.
08 March, 2021
The price of Bitcoin (BTC) reached over $51,000 on March 7 after the U.S. Senate passed the anticipated $1.9-trillion stimulus bill, which is roughly two times larger than the market capitalization of BTC. Furthermore, the outperforming Nonfarm payroll employment data triggered the optimistic sentiment among the investors, therefore, Bitcoin is expected to hike higher in price.
05 March, 2021
The price of Bitcoin fell below the $50K level after Fed Chairman Jerome Powell says that the price increases likely won’t be significant enough to make the central bank hike interest rates. Following the comments, the 10-year Treasury yield spiked to session highs at 1.548% before easing. Keeps increasing in the bond’s yield could impact the value of Bitcoin significantly, therefore, Bitcoin is expected to swing down in price if the yield keeps rising up.
04 March, 2021
It is notable that the price of Bitcoin is trading above the $50K level while the US dollar is turning stronger. According to the on-chain data, the whales are scooping up Bitcoin on dips below $50K. It indicates that the big players are confident that the value of Bitcoin would stabilize above the $50K level. Therefore, Bitcoin is expected to go higher in price as the bull run continues.
3 March, 2021
Bitcoin’s price is trading at around $50,800 at the time of writing. There is a strong support level ranging from $46,800 to $50,000 can be seen in the 4H chart above. Since the yield of the US bond market stopped climbing up, the investors are back to the risk-on assets. Therefore, the Bitcoin market is gathering optimistic sentiment and is expected to keep rallying.
2 March, 2021
The price of Bitcoin rallied to $50K after Goldman Sachs announced to restart its crypto trading desk. It shows that the top investment bank is getting its crypto business back and sees potential growth in the market. As the institutional participants increased in the crypto market, the daily trading volume and capitalization have risen to the level that lures Goldman Sachs back to the battlefield. It is to expect that Bitcoin’s bull run is ongoing as the whole crypto market continues to grow.
1 March, 2021
Since Feb.20, the price of Bitcoin has pulled back over 26% from a $58,354.14 all-time high. The bulls are currently attempting to push the price above the downtrend line, but the long wick on the candlestick shows selling at higher levels. If the price again turns down from the downtrend line, the BTC could retest $43000 again. A break below this support could intensify the selling and drag the price down to the $40000 barrier.
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