Bitcoin Nears $70,000 Triggering Positive Ripple Across Cryptocurrency Market
Summary:
Bitcoin (BTC) maintains its growth as it nears $70,000, with no signs of traders cashing in on their profits. An increased number of Bitcoin 'whales' or holders of 1,000+ Bitcoin, suggests continued belief in the cryptocurrency's uptrend. The rally has also boosted overall sentiment in the crypto industry. Top performing cryptocurrencies like Optimism, Bittensor, Stacks, and Mantle have shown positive trends, indicating strength in their charts. However, audiences should conduct their own research prior to making any financial decision due to the inherent risks involved.
Bitcoin (BTC) has sustained its growth this week, signalling that investors are not eager to cash in on their earnings as the currency nears $70,000. As of March 7, the tally of unique Bitcoin addresses possessing more than 1,000 Bitcoin, known as Bitcoin whales, has escalated to 2,104, suggesting they expect the positive trend to persist.
A lift in overall sentiment across the cryptocurrency sector has been evident due to Bitcoin's ascent. According to data from DefiLlama, the Global Total Locked Value (TVL) in decentralized finance (DeFi) protocols has exceeded $100 billion for the first time in around two years. However, despite the rise, the current TVL still falls short of the $189 billion record set in November 2021.
In bullish markets, traders often discard caution, rushing to ride the wave of rapidly increasing prices, usually to their detriment. Matt Hougan, Chief Investment Officer at Bitwise, warned investors to tread carefully, noting that poorly conceived projects are seeing unreasonable valuations.
If Bitcoin breaks new records, select other cryptocurrencies will likely follow suit. Let's examine the top five cryptocurrencies exhibiting strength in their charts.
Bitcoin's rally towards $70,000 is being challenged by bearish forces, but encouragingly, the bullish momentum still holds, with each minor downturn being rapidly bought up. Bulls are striving to restart the upwards trend by pushing the price over $70,000. If successful, the Bitcoin price could potentially surge to $76,000. Although this could pose a minor obstacle, if surpassed, the rally could sprint to $80,000.
On the other hand, bears would need to aggressively offload and pull the price beneath the 20-day exponential moving average ($61,422) to gain dominance again. Such a move could trigger the stop-limits of numerous short-term traders and initiate a deeper correction towards the 50-day simple moving average ($51,197).
Price analysis for Optimism shows a recent uptrend. A positive sentiment where small downturns are consistently bought up is evident. Buyers are working towards overcoming the resistance at $4.87. If they succeed, the price could rise towards the target of $5.79. The outlook for Bittensor is also promising. Bulls are maintaining their sway and a break above $757 could potentially lead to a price hike towards $846.
In the case of Stacks (STX), the defending of the 20-day EMA ($2.77) during a recent correction indicates bullishness. The steep rebound on March 10 indicates that bullish forces are regaining strength. However, bears remain resilient, with buyers needing to push the price over $3.39 for the resumption of the uptrend. If they achieve this, the price could rise to $4.58 and possibly reach the critical level of $5.
Lastly, Mantle (MNT), despite resilient opposition from bears, has been demonstrating steady growth. Bulls have kept the price above the significant level of $1. If buyers can overpower the resistance at $1.15, the price could potentially embark on the next phase of growth to $1.37 and eventually $1.50.
Please remember, this article does not offer investment advice or recommendations. All investments and trading moves come with risk. Make sure to conduct personal research prior to making any financial decision.
Published At
3/10/2024 10:19:37 PM
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