Bitcoin pushes to reach an all time high

After a small wave created by some forecasters, marked the start of a crypto market reversal at the beginning of March, saw a purge of mostly new traders and impatient investors, the market made a technical correction while indicating a potential new bull phase.

As commented in my previous article, bulls always need to rest before regaining control of the board. Nonetheless, to target a new all-time-high (ATH), Bitcoin needs to cement gains above the $54,000 handle. 

At today’s price hovering above the $56,000 level, the leading cryptocurrency has once again passed the 1 trillion market cap, attracting investor attention leading to the current uptrend bias. 

Price of bitcoin on march 11th 2021 suggests the crypto market will reach a new bull run
Source: https://coinmarketcap.com/

Technically speaking, the price structures in most crypto charts are signaling a strong bullishness, with MACD showing golden crosses at the daily candle’s domain and price trading above the 50 EMA (exponential moving average) for additional confirmation.

Crypto currency markets are on the rise after a drop early in march
Source: https://www.tradingview.com/x/13Z18tsX/

It is worth mentioning as a final note that some crypto exchanges are reporting a persistent drop in their balances, which might suggest that investors are holding for the long-term instead of daily trading. 

Market Recap:

  • Bitcoin (BTC) remains above $54,000
  • Ethereum (ETH) above $1,800
  • Litecoin (LTC) near $200, and
  • Ripple (XRP) flirting with $0.50

Today’s Quote -. “The proper attitude toward investing is more important than any technical skills”

– Warren Buffett

Oliver Garcia

Senior Market Analyst
ogarcia@tvmarkets.com