Crypto Market March 6 CHK: Bitcoin closes for 2 consecutive weeks in the red, altcoins drop slightly

Crypto Market March 6 CHK: Bitcoin closes for 2 consecutive weeks in the red, altcoins drop slightly

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2023-03-07 16:09:42

Bitcoin nears key support as it closes weekly in the red, bringing fresh downside concerns.

Cryptocurrency Market

Market data shows Bitcoin continued to move in a tight range over the weekend and closed the week in the red at $22.430. The Bitcoin price line has been mostly flat since its sudden sharp drop on March 3, triggered by the uncertainty surrounding Silvergate Bank.

Bitcoin price movement within the last 24 hours

Analysts warn that Bitcoin could still easily drop much lower if it fails to hold the $22,000 support. Material Indicators explains that BTC has “lost a key technical support mark” and $22,000 is now all that remains for the bulls to hold onto.

“$22,000 is the last zone between the retest of the trendline. Meanwhile, trend indicators are showing that BTC is in a downtrend.”

The accompanying charts show the trendline and order book on Binance in jeopardy, with liquidity hovering around $22,000.

Michaël van de Poppe, founder and CEO of trading firm Eight, has warned that if the bulls cannot hold the $21,300 zone, it will be difficult for the market to hold the $20,000 level either.

“The key area for Bitcoin is $21,300. If we lose this level, we will see another sweep towards $19,500 and altcoins 15-25% down from current levels,” he predicted on March 4. However, Van de Poppe remained flat. maintain a long-term bullish view at higher prices.

With Silvergate still a hot topic, research firm Santiment questioned why the market reaction was so strong. In a post dedicated to the phenomenon, the analytics firm revealed that, “the number of negative comments about the market is unusually high.”

“What is particularly interesting is that #cryptocrash has become the trending hashtag on the platform, even though the -5% Bitcoin price drop happened over three days ago.”

Tone Vays, believes that Bitcoin (BTC) could be preparing for a massive eruption, heading to the six-figures and possibly even hitting $300,000. During the new strategy session, Vays told his 123,000 YouTube subscribers that Bitcoin could explode between 792% and 1,238% above current prices during the next bull market.

“There are two possibilities. The market will first hit the same crossover resistance as BTC did in the 2021 cycle. Or if the market moves similarly to the 2017 cycle, BTC will break above $300,000. Commenting that Bitcoin could rally towards its initial target of $200,000 in 2025 and then head towards the $300,000 region by late 2025 or early 2026. However, in the short term, Vays thinks the Bitcoin pullback is yet to come. end.

“Bitcoin had a bad weekly close. The market is likely preparing for a pullback down to the long-term moving averages and the $20,000 level.”

Price Action of Top 10 Tokens by Market Cap for 6/3/2023

Altcoin market continued its slight decline as Bitcoin recorded 2 consecutive weeks of closing in the red. SingularityNET (AGIX) with a drop of nearly 10% is the worst performing project of the day. Dash (DASH), Theta Network (THETA), Trust Wallet Token (TWT), Neo (NEO), Enjin Coin (ENJ), NEAR Protocol (NEAR), Mina (MINA), Ethereum Classic (ETC), The Sandbox (SAND) )…all turned down from 3-6%.

Similar to Bitcoin, Ethereum (ETH) also ended the 2nd week in a row in the red at $1,564. Over the past 24 hours, the second largest asset by market capitalization continues to post a slight decline of more than 1% and is currently trading around 1,560.

Macro factors

U.S. stock futures were little changed on Sunday night as Wall Street headed for a week filled with key economic data and comments from the US Federal Reserve.

Dow Jones futures contract fell 36 points, or 0.11%; S&P 500 futures and Nasdaq 100 futures fell 0.11% and 0.15%, respectively.

The major indexes posted a positive week as the Dow Jones gained 1.75%, ending a four-week losing streak. The S&P 500 gained 1.9%, while the Nasdaq ended the week with a gain of 2.58%.

The rally held even as 10-year Treasury yields rose above the psychological 4%. Rising 10-year bond yields increase borrowing costs for consumers and could signal a drop in investor confidence.

Important catalysts this week include monetary policy testimony to Congress on Tuesday and Wednesday by Fed Chairman Jerome Powell. He will talk about how the central bank thinks about inflation and its future rate hike campaign.

Analysts are also gearing up for the February jobs report on Friday, after the January report showed the economy added 517,000 jobs. Economists polled Dow Jones are expecting 225,000 jobs added last month.

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