17 Mar 2021 #Cardano
Terra (LUNA), Basic Attention Token and Cardano spiked to new highs as Bitcoin and Ethereum attempted to recover from their recent correction. Bitcoin (BTC) price continues to recover from its sub-$55,000 correction and at the time of writing, traders are attempting to recapture the $57,000 level as a support.
Data from Cointelegraph Markets and TradingView shows that a wave of early morning selling pushed Bitcoin price to a daily low of $53,167 and while dip buyers did manage to step in, the lack of purchasing volume is keeping BTC pinned in what appears to be a tightening range.
While Bitcoin price could continue to meet overhead resistance in the $56,000 to $58,000 range, a strong bullish case still exists as a potential $6.1 billion worth of Bitcoin options are set to expire on March 26. According to Cointelegraph contributor Marcel Pechman, derivatives data indicates that the upcoming expiry is more advantageous for the bulls as long as BTC remains above $52,000.
Ether (ETH) has also traded in a consolidation pattern since setting a new all-time high at $1,950 on March 13 and professional traders view the $1,750 level as strong support following multiple bearish retests over the past week.
Several altcoins saw their prices breakout on Tuesday as partnership announcements and exchange listings have proven to be effective price movers. The biggest announcement of the day came from Coinbase Pro, which revealed that it has begun accepting inbound transfers of Cardano (ADA) and will support trading services “on or after 9 AM PT on Thursday, March 18, if liquidity conditions are met.”
The global financial markets fell under pressure on Tuesday as weaker than expected retail sales and a rising 10-year Treasury yield, which closed the day up 0.87% at 1.621. Following record highs set on March 16, the S&P 500 and Dow faced dropped throughout the day and closed down 0.16% and 0.39% respectively. The NASDAQ was able to start a late-day rally that helped its price close up 0.09%.
Despite the drawdown in both Bitcoin and Ether price, the overall outlook for the cryptocurrency market is bullish as signs of steady mainstream adoption emerge on a daily basis.
Data shows that long-term cryptocurrency holders have been accumulating BTC in recent months, while short-term traders are confident that high leverage speculative trading will pay off. The steady increase in BTC accumulation suggests that the current bull market has ample room to run higher.
The overall cryptocurrency market cap now stands at $1.723 trillion and Bitcoin’s dominance rate is 60.8%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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