After reaching $73,777 in March, the leading cryptocurrency could not sustain this momentum. However, significant losses were avoided. Recovering swiftly from the $60,000 region, BTC was influenced by strong net outflows in the ETF channel amidst major Genesis sales. Developments regarding Coinbase and KuCoin also impacted investor sentiment.
Bitcoin (BTC)
BTC price is finding buyers at $69,940 as this article is being prepared. Although it has dropped to $69,540 daily, the current outlook is not that bad. Moreover, March is closing with gains, and the price above $69,000 could lead to further increases.
Considering that this rally gained momentum above $40,000 on January 26, the daily chart is becoming more appetizing. Bulls holding $68,740 are encountering sales above $71,000. This situation is the biggest obstacle to retesting the all-time high levels.
If March closes above $69,000, it wouldn’t be surprising to see the price attempt to reach $77,000 within a few weeks. However, if the support zone is lost, levels at $59,100 and $54,570 are found below $60,400.
Current State of Cryptocurrencies
Due to the weekend, trading volume has dropped to around $60 billion. On the last day of March, many investors are on holiday. Additionally, the U.S. markets being closed on Friday contributes to relatively calm days. The cumulative value of cryptocurrencies is at $2.64 trillion.
BTC has gained nearly 10% weekly, while we see that the rapid declines experienced last week in altcoins have been compensated. Standing out among the top 10 cryptocurrencies, DOGE has gained about 20% in 7 days.
From the top 100 cryptocurrencies, CORE and WIF have increased by over 80%. KuCoin’s KCS Coin dropped by 22% due to a recent lawsuit, and except for AKT, TAO, XMR, and FTM, 95 major cryptocurrencies suffered losses under 4%. Only 7-8 altcoins in the top 100 closed the week negatively. Developments in the coming week could increase volatility. Details on this will be available in the “important developments of the week” report to be published in half an hour.
