Bitcoin Dips Below $61K Triggering ETF Outflows; MicrStrategy Continues Increased Accumulation
Summary:
Bitcoin (BTC) faced a significant dip, falling below the $61,000 mark on March 19, leading to approximately $480 million outflows from Bitcoin spot ETFs over two days. Despite the downfall, experts argue that it doesn't signify the end of the bull market. MicroStrategy, a significant Bitcoin holder, continues buying more, bringing its total Bitcoin accumulated to more than 214,000. The article also examines the performance and potential trends of top cryptocurrencies, including Ether (ETH), BNB, Solana, XRP, Cardano, Dogecoin, Avalanche, Shiba Inu, and Toncoin.
Following a drop below $61,000 on March 19th, Bitcoin (BTC) experienced an influx of traders opting to liquidate their assets. Investment firm Farside's data indicates nearly $480 million has been withdrawn from Bitcoin spot exchange-traded funds (ETFs) over the past 48 hours. Unless investments in Bitcoin ETFs resume, another wave of selling is likely. However, such declines are not an irrefutable sign that the bull market has concluded. Charles Edwards from Capriole Fund quoted that fluctuations around the Bitcoin Halving month is commonplace and the best risk-reward ratio for Bitcoin often follows in the year after the halving.
While average traders speculate about Bitcoin's trajectory, Bitcoin investor giant MicroStrategy continues to enhance its holdings. Firm's Executive Chairman Michael Saylor indicated in a post that they have purchased an additional 9,245 Bitcoin using funds from convertible notes and additional cash on hand. This buy-in boosts their total Bitcoin holdings to 214,246, which makes up more than 1% of the finite 21 million Bitcoin cap.
Are Bitcoin and altcoins prepared to continue their downwards trend, or are they poised on the brink of recovery? Let's examine the charts for the top 10 cryptocurrencies for answers.
Bitcoin's price decline prevented it from holding above the ascending channel's support line on March 18th, suggesting sellers are eager to transfer the level to resistance. This prompted a surge in sell-offs, which pushed the price below the 20-day exponential moving average ($65,271) on March 19th. The bulls are striving to stem the fall at the 38.2% Fibonacci retracement level of $61,736.
Ether (ETH) failed to stay above the 20-day EMA ($3,550) on March 18th, which triggered aggressive sell-offs that pulled the price down to the 50-day SMA ($3,113) on March 20th. The recent drop in BNB (BNB) reached the 50% Fibonacci retracement level of $500 on March 19th.
Solana (SOL) managed to clear the $205 resistance on March 18th but failed to sustain momentum, which likely prompted short-term traders to secure their profits. XRP (XRP) has been oscillating widely between $0.46 and $0.74 for several months.
Caught in the downturn trend, Cardano (ADA) fell from the 20-day EMA ($0.68) on March 18th and slipped below the 50-day SMA ($0.62) on March 19th. Dogecoin (DOGE) sell-offs on March 17th lowered the price below the 20-day EMA ($0.15) the following day.
Avalanche (AVAX) saw profit-taking at high levels, indicated by the long wick on its candlestick dated March 18th. This incited a sell-off that reverted the price back to the breakout level of $50 on March 20th. Shiba Inu (SHIB) slipped under the $0.000029 support on March 16th, with the bears defending the retest on the next day.
Toncoin (TON) retreated to the 20-day EMA ($3.39), but the bulls promptly reversed the dip with a strong bounce back on March 17th. These descriptions are not investment tips or recommendations. Investment and trading come with their respective risks, and it is advisable to conduct personal research before making a decision.
Published At
3/20/2024 11:11:47 PM
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