Bitcoin broke through important resistance tonight with a rise of 8% over the past 24 hours. The first cryptocurrency hit its highest in the last two weeks at $ 54,500, being within 6% of the all-time high. Against this background, the capitalization of BTC again exceeded $ 1 trillion.
Analyst Preston Pisch points out that the MACD indicator crosses the signal line upwards on the daily chart, which is usually considered a buy signal. The same situation arose in early February, before the cryptocurrency renewed all-time highs above $ 58,000.
Check out that daily MACD. #Bitcoin pic.twitter.com/ngjIJVZL2x
— Preston Pysh (@PrestonPysh) March 9, 2021
“Fate awaits,” writes a filbfilb analyst, pointing to targets around $ 70,000 and above based on the Fibonacci extension.
Glassnode notes that Bitcoin has formed major support around the $ 47,000 level. Analysts estimate that it is the most reliable since the price climbed above $ 11,000. 1.2M BTC was moved between $ 45,500 and $ 48,900 after the market bounced off the lower limit of this range. This volume corresponds to 6.5% of all BTC coins available for circulation.
“There is an important question to be resolved: is this volume a reflection of the accumulation of assets or the flight of sellers to the exit,” the analysts add.
Bitcoin wallet balances continue to decline and recently hit a new two-year low.
At the same time, Bitcoin broke the correlation with the stock market. Shares of companies such as Apple, Google and Tesla were down 4-5% on Monday. The Dow Jones ended the day with a 1% gain. Over the past months, Bitcoin has moved in tandem with technology stocks.
“Bitcoin and Ethereum are bullish again, while big money continues to bet on cryptocurrencies,” Edward Moya, senior analyst at Oanda, told Bloomberg. “Institutional interest looks strong.”
Bitcoin continues to rank first in terms of profitability in the weekly reports of Goldman Sachs. For the first time, the cryptocurrency was included in them at the end of January. By the time the last report was released on March 4, bitcoin’s growth since the beginning of the year was 70%, which is double the next energy sector.
The cryptocurrency stands out even more against the background of the S&P 500 index. The sell-off of American companies’ shares led to the fact that the index was at near-zero values relative to the beginning of the year. The last line in the list is occupied by gold, which is negatively affected by the growth of government bond yields.
Altcoins are growing today along with bitcoin. So, ether rose by 8.5%, Binance Coin – by 13%, and indicators for the space of decentralized finance in some places are up to 30%. According to the Nomics service, the trading volume in the cryptocurrency market has grown by 18% over the past 24 hours.
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