Bitcoin Soars to Record High as Market Shifts Focus Towards Altcoins
Summary:
Bitcoin soared to a new all-time high of $70,199 on the Coinbase exchange, indicating robust market activity. However, the price failed to sustain above $70,000 as investors started selling at higher levels. The surging price led to an increase in Bitcoin's spot trading volume, suggesting retail traders' return to the market, reaching highest levels in a year. Several major altcoins showed signs of upward momentum as analysts suspect a forthcoming altseason. Meanwhile, Ether, Binance Coin, and others also witnessed important price movements.
Bitcoin (BTC) reached another record high, hitting a landmark of $70,199 on the Coinbase exchange, a sign that buyers are dominating the market. Despite this, the coin failed to maintain above the $70,000 price tag, implying these newer high levels are leading sellers to cash in. As Bitcoin's value grew, so did its spot trading volume , indicating a return of retail traders to the market. As of March 5, daily spot trading volume for Bitcoin peaked at $46.26 billion across centralized exchanges, the highest in a year. Meanwhile, data from Glassnode has revealed increased Bitcoin transfers to Coinbase, suggesting some investors are opting to lock in their profits.
Coin360's cryptocurrency market performance data shows Bitcoin is hovering near $69,000, while certain top altcoins are showing signs of an upward push, indicating traders could be shifting focus to altcoins. According to the Blockchain Center’s altcoin season index, while an altseason hasn't started yet, K33 Research suggests it's on the horizon. Analysts are watching to see if Bitcoin’s repeated failures to maintain above $69,000 will trigger a near-term correction.
Breaking down key price movements, Bitcoin experienced a surge to new all-time highs on March 8, but subsequent profit taking has seen some reductions. However, bullish investors continue to hold firm, suggesting they anticipate another upward turn. Should those bulls gain an upper hand and push the price beyond $70,000, Bitcoin is predicted to surge to $76,000 and eventually $80,000.
Ether (ETH) also experienced good performance, breaking resistance of $3,822 on March 6, indicating an uptrend is back on track. Traders should be cautious as the Relative Strength Index (RSI) has sat in the overbought zone for days, signifying a possible correction or consolidation soon.
Following on, Binance Coin (BNB) found momentum, easily surpassing resistance of $460. If bulls hold the coin above this price, it could target $500 and then $572.
Despite some fluctuation, Solana (SOL) has maintained above a $126 breakout level, indicating positive sentiment and buyers are on standby. In contrast, Ripple (XRP) has remained trapped between a resistance of $0.67 and a 50-day Simple Moving Average (SMA) of $0.55.
Meanwhile, Cardano (ADA) bulls are showing effort keeping the coin above a breakout level of $0.68, signaling bullish control. Dogecoin (DOGE) remains in a tough fight between bulls and bears around the $0.16 level. Shiba Inu (SHIB) has pulled back from its strong uptrend, with price support found near a Fibonacci retracement level of $0.000032.
Avalanche (AVAX) is back above a key moving average of $40.54 and resistance of $42 from March 7, indicating positivity. Lastly, Polkadot (DOT) saw sharp recovery, with the bulls surpassing $10.80 resistance but failing to maintain that level.
Published At
3/9/2024 12:06:13 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.