Cointree Crypto Market Update - March 3rd 2021

Market update for traders

Jump to the beginner's version Can a bitcoin recovery turn into fresh highs? Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week searching for a bottom. It peppered the mid-$56k AUD area and bounced 13% to the upside. This rally marked the extent of its rebound and for the rest of the week, BTC oscillated into a range between $56,000 and $65,000 AUD without a decisive break - it finished the week in no-man’s land at $62,700. As the cryptocurrency consolidates within these two key levels, we are seeing price action develop into an ascending triangle pattern that often follows the overall trend.

Recapping Monday to Sunday last week in detail: bears were running riot early in the week, pushing BTC to $56,922 and fully retracting the 30% move to $70,000 from the beginning of Feb. Bulls saw relief with a 13% rally to $64,000 but bears forced the market back down to the bottom of the range at $56,000. Ranging between clearly defined levels $64,000 and $54,000, bitcoin is attempting to find a floor here with neither bulls or bears getting the upper hand around the 50 EMA - but as the week went on, bulls forced a series of lower highs on the 4hr building a diagonal support and testing resistance at $64,000 once again. In the week ahead, BTC’s sideways action could leave the door open for altcoins to recover some losses these past 7-days but investors must be mindful that a big move out of the range (up or down) will likely suck the oxygen from the altcoin market. With the spectre of rising yields in traditional markets dissipating, crypto could see a positive move in line with stocks. A break up from the ascending triangle will likely see a retest of the $70,000 level while a bearish breakdown will bring the lower $50,000’s front and centre underpinned by the 200 EMA. BTC’s choppy movements over 7-days have sowed havoc in the altcoin market with many still recovering ground lost during the BTC plunge and gains have been small. For the major altcoins: Chainlink (LINK) is flying higher in the top 10, up 14% while XEM (NEM) was the 7-day stand out with a rise of 32%. Theta (THETA) continues to perform in all market conditions, gaining 18% on the back of a stunning 2021. Another honourable mention is Elrond (EGLD), pushing up the rankings with 32% gain.

Market update for beginners

Can a bitcoin recovery turn into fresh highs?

Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week searching for a bottom. It peppered the mid-$56k AUD area and bounced 13% to the upside. This rally marked the extent of its rebound and for the rest of the week, BTC moved between $56,000 and $65,000 AUD without a decisive break - it finished the week in no-man’s land at $62,700. Buyers & sellers are battling it out causing BTC to grind sideways until a final decision can be made. The shrinking price action can lead to an explosive break that often follows the overall trend.

Recapping Monday to Sunday last week in detail: sellers were running riot early in the week, pushing BTC to $56,922 and erasing the 30% move to $70,000 at the beginning of Feb. Buyers saw relief with a rally to $64,000 but sellers again forced the market back down to $56,000. Moving between clearly defined levels $64,000 and $54,000, BTC is attempting to find a floor - with buyers late in the week forcing a climb back up to test resistance at $64,000. In the week ahead, BTC’s sideways action could leave the door open for altcoins to recover some losses from these past 7-days but investors must be mindful that a big move (up or down) could likely suck the oxygen from the altcoin market. A break up will likely see the $70,000 level revisited, while a breakdown will bring the lower $50,000’s front and centre. BTC’s choppy movements over 7-days have sowed havoc in the altcoin market with many still recovering ground lost during the BTC plunge and gains have been small. For the major altcoins: Chainlink (LINK) is flying higher in the top 10, up 14% while XEM (NEM) was the 7-day stand out with a rise of 32%. Theta (THETA) continues to perform in all market conditions, gaining 18% on the back of a stunning 2021. Another honourable mention is Elrond (EGLD), pushing up the rankings with 32% gain.