According to
the Santiment team, Bitcoin whale activity has fallen to its lowest level in a
year in recent days. Therefore, one should not expect sharp movements in the
market soon. In confirmation of this, Bitcoin is down only 0.4% over the past
24 hours to $40.7K. Ethereum has added 1.5% over the same time, other leading
altcoins from the top ten are changing from -2.0% (Terra) to 5% (Avalanche).
According to
CoinMarketCap, the total capitalization of the crypto market grew by 0.3% over
the day, to $1.83 trillion. The Bitcoin dominance index decreased by 0.4% to
42.4% due to the better dynamics of altcoins.
The
crypto-currency index of fear and greed lost 2 points to 25 in a day and again
found itself in a state of “extreme fear”.
In searching
of the bottom
Despite the
outstripping dynamics of altcoins, a sequence of lower and lower local highs
continues to form in Bitcoin. In early February, the upside lost momentum as it
moved above $45.5K. In the first days of March, the bears already dominated on
the way to $45K, on the 8th already near $42.5K, and in the last two days they
are trying to form a downward reversal at $41.5K. At the same time, the bulls
manage to form a strong support near $38K.
The FxPro
Analyst Team emphasized that in terms of technical analysis, BTCUSD remains
close to its 50-day moving average, clearly indicating the absence of any trend
now. However, a consolidation in a descending triangle is usually a respite
before the next decline. We will see the implementation of this scenario if
BTCUSD fixes under $38K. An alternative scenario and a new upside momentum
should be expected if the bulls manage to push the price above the previous
highs of $42.5K, or close the day/week above $42K.
News to
consider
Galaxy
Digital CEO Mike Novogratz, known for his bullish predictions, has unveiled a
new one that sees BTC hit $500,000 in 2025.
The State
Russian Duma urged to speed up the launch of the cryptoruble in order to better
bypass Western sanctions. Meanwhile, the Central Bank of the Russian Federation
recommended that banks strengthen control over the operations of clients
related to cryptocurrencies.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.