HomeCoinsBitcoin (BTC)BTC Consolidates, Following Turbulent Weekend of Trading – Market Updates Bitcoin News

BTC Consolidates, Following Turbulent Weekend of Trading – Market Updates Bitcoin News

- Advertisement -


Recent declines in the world’s two largest cryptocurrencies eased to start the week, as both seemed to have found their respective floors. Bitcoin consolidated losses during Monday’s session, while ETH continued to trade sideways.

Bitcoin

Following a drop to a one-week low below $38,000 on Sunday, the price of bitcoin rebounded to start the week, as a support point seems to have finally been found.

BTC/USD fell to an intraday low of $37,577 earlier in today’s session, which was its lowest point since February 28, however prices have since moved away from this point.

As of writing, BTC/USD is trading 0.59% higher, at a rate of $39,114.31, following an earlier high of $39,277.14

BTC Consolidates, Following Turbulent Weekend of Trading – Market Updates Bitcoin News
BTC/USD – Daily Chart

This rise in price comes as a result of bulls who bought yesterday’s drop, once the price found what looks to be a sustainable floor.

From the chart, history shows us that on February 4 and 28, a significant number of buyers entered the market.

This resulted in large price swings that helped form a bullish engulfing pattern, which wiped away between 2-3 days worth of drops.

Many now wait to see if history will repeat itself.

Ethereum

ETH continued its consolidation around the $2,600 range to start the week, as price movement in the world’s second largest crypto was largely muted.

Following three consecutive days of declines, ethereum appeared to find its floor at the $2,550 level on March 4, and since then, has mainly hovered above this point.

Despite falling to an intraday low of $2,507.11 earlier today, ETH/USD has rebounded, and as of writing is trading at $2,649.07.

BTC Consolidates, Following Turbulent Weekend of Trading – Market Updates Bitcoin News
ETH/USD – Daily Chart

The 14-day RSI also shows that price strength is marginally higher, and is currently tracking at 43.8, after briefly falling below its floor of 41.30 this past weekend.

Although bulls are likely lurking, some bears also remain, with the $2,400 floor a target for some who still believe more declines could be imminent.

Will we see this $2,400 floor hit this week? Or are we ready for a price surge? Leave your thoughts in the comments below.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 38,821.00
ethereum
Ethereum (ETH) $ 2,607.22
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 287.05
litecoin
Litecoin (LTC) $ 102.67
eos
EOS (EOS) $ 2.00
okb
OKB (OKB) $ 18.14
tezos
Tezos (XTZ) $ 3.03
leo-token
LEO Token (LEO) $ 5.41
cardano
Cardano (ADA) $ 0.834013
monero
Monero (XMR) $ 160.45
stellar
Stellar (XLM) $ 0.176288
chainlink
Chainlink (LINK) $ 13.45
huobi-token
Huobi Token (HT) $ 9.15
tron
TRON (TRX) $ 0.060067
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 88.91
neo
NEO (NEO) $ 20.79
iota
IOTA (MIOTA) $ 0.705942
nem
NEM (XEM) $ 0.096598
zcash
Zcash (ZEC) $ 110.55
maker
Maker (MKR) $ 1,788.76
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 27.05
vechain
VeChain (VET) $ 0.048058
true-usd
TrueUSD (TUSD) $ 0.999019
ftx-token
FTX Token (FTT) $ 40.34
kucoin-shares
KuCoin Token (KCS) $ 18.06
waves
Waves (WAVES) $ 21.48