Cointree Crypto Market Update - February 24th 2021

Market update for traders

Jump to the beginner's version Market ready for a BIG move! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week with a clear break of the $62,000 AUD level and the ascending triangle that we have been watching these past few newsletters. It was a hugely bullish 7-days with new records set! The bulls charged bitcoin to $65,000 AUD and then finished the week with an almighty bolt to a new all-time high (ATH) - reaching $73,234. The seemingly unstoppable rally finally ended on Tuesday when financial markets across the board fell suddenly, and Bitcoin lost 18% in 24 hours.

Recapping Monday to Sunday last week in detail: early days, bulls took bitcoin above $65,000 with an 8% rise and a new ATH. BTC cooled off here with a slow sideways grind, oscillating between $67,000 and $65,000. This gave altcoins breathing room to catch up to the king and then go on to make dizzying gains. Finally, after a second brief retracement to $65,000, and a bottoming on the bitcoin dominance chart, BTC broke away with an 11% move to the upside. The largest crypto by market cap reached its highest price ever at $73,234, before topping out. In the week ahead, bitcoin will grapple with a newfound bearish momentum since the US Treasury bond spike which affected equities and crypto. Bitcoin is losing levels fast and the 200 EMA looms at $52,000 as a final bottom. No market moves straight up forever and we have seen historically that 20-40% retracements are the norm to clear the deck for an eventual move higher. Overall, this drop is still a higher-low on the longer time frames, however, to maintain its short-term bullish structure bitcoin must reclaim the $62,000 level. Excluding yesterday's drop, the altcoin market had been on a tear flying over 7-days. For the major altcoins: Binance (BNB) is still making gains up 60% while Solana (SOL) led the pack with a huge weekly rise of 71%. NEM (XEM) moves higher in the sea of red, up 27%. Another mention is Ravencoin (RVN) that is up a staggering 114% just inside the top 50 cryptos.

Market update for beginners

Market ready for a BIG move! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. We began last week with a clear break of the $62,000 AUD level that we have been watching these past few newsletters.It was a hugely positive 7-days with new records set! Bitcoin (BTC) charged to $65,000 AUD and then finished the week with an almighty bolt to a new all-time high (ATH) - reaching $73,234.The seemingly unstoppable rally finally ended on Tuesday when financial markets across the board fell suddenly, and bitcoin lost 18% in 24 hours.

Recapping Monday to Sunday last week in detail: early days, buyers took bitcoin above $65,000 with an 8% rise and a new ATH...which was just the beginning. BTC cooled off here, oscillating between $67,000 and $65,000. This gave altcoins breathing room to catch up to the king and then go on to make dizzying gains. Finally, after a second brief retracement to $65,000, BTC broke away with an 11% move to the upside. The largest crypto by market cap reached its highest price ever at $73,234, before topping out. In the week ahead, bitcoin will grapple with a newfound downside momentum. BTC is losing levels fast and the key red moving average (200 EMA) looms at $52,000 as a final bottom. No market moves straight up forever and we have seen historically that 20-40% retracements are the norm to clear the deck for an eventual move higher. Overall, to maintain its short-term bullish outlook bitcoin must reclaim the $62,000 level. Excluding yesterday's drop, the altcoin market had been on a tear flying over 7-days. For the major altcoins: Binance (BNB) is still making gains up 60% while Solana (SOL) led the pack with a huge weekly rise of 71%. NEM (XEM) moves higher in the sea of red, up 27%. Another mention is Ravencoin (RVN) that is up a staggering 114% just inside the top 50 cryptos.