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.
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.
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.
- 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
Senior Market Analyst