March 23 Bear Bitcoin (BTC) managed to fall below the support level of 54 54,000 as various on-chain data indicate that whales have started slowing down late buying and shifting risk to retail investors.
Data from Sectelgraph Markets and Trading View shows that the downtrend that started on March 22 and continued till Tuesday is the second time this week that the price has reacted to the support level of 54,000.
Coinshares data suggests that BTC has been a preferred asset for institutional investors, while the sector as a whole is seeing significant growth, as institutions currently manage billions of billions of dollars in assets.
The uptrend remains intact despite recent pullbacks
While inexperienced traders and newcomers to the cryptocurrency sector may see the current downturn as a sign of a reversal of recession, Sectelgraph market analyst Michael van de Pope sees bitcoin as a bullish development.
To me, this seems like a healthy correction # Bitcoin.
As long as -5 is 49-51K, I believe we will see continuity towards we 68K.
Still expect a big rebound #altcoins Occurs from April. pic.twitter.com/WxaYQZ7IrE
– Michael van de Pope (cryptomichNL) March 23, 2021
Data from on-chain data provider CryptoQuant shows that a total of 14,600 BTC left the coinbase as of early March 23rd. Traders generally see BTC inflows as bullish growth amid expectations of supply shortages. Crypto pundits.
There is no way to confirm that the outflow was the result of that whale accumulation, WhaleMap’s analysis shows a massive accumulation at the $ 55,000 level, but researchers warn that the current support level should fail, the next strong support level, found at 47,438.
Analysts at Jarvis Labs took a slightly different view and suggested that traders keep an eye on BTC’s day-to-day activities more than just the normal exchange flow.
According to Ben Lilly, co-founder of Jarvis Labs, “it’s important to see what’s active in the mainstream.”
Jarvis Labs makes a wallet truck they call “Pablo” and the analysis shows that the wallet histor has historically been tied to the extra value of Bitcoin. BTC last moved Pablo during a sharp market recovery in late February.
Most recently the Jarvis team noted that Pablo began switching to about 15,000 BTC on March 4, indicating a potential price dump ahead. The dump came on March 14 as Bitcoin went above 60,000 and was looking to hit a new all-time high.
Lily said:
“This behavior marks the final step in the last short-term bearish trend, which is linked to the termination of the next largest options. This is the type that can clear the way for higher altitudes. We are still bullish on April, and the general flow supports this. “
Choose the Welcoins Rally as Bitcoin pulls back
Despite Bitcoin’s bearish price action, a handful of Velcoins were able to rally to new heights. According to a report by Cointelegraph, the prices of ‘Coinbase Effect’ Anchor (ANKR), Curve DAO Token (CRV) and Storj (STORJ) have increased by 50% to 100% and trading on Coinbase Pro is expected to start from March 25.
Theta (Theta) and Theta Fuel (TFUL) also continued their hard work on Tuesday after Public Sierra Ventures, Heuristic Capital, VR Fund and GFR Fund “put a collection of more than M 100M in Thaita on a collective enterprise validator node.”
Following the announcement, Theta Ged rose 0% to a new all-time high of 14.21 and TFUEL rose 0% to a new record high of $ 0.53.
The overall cryptocurrency market cap is now 1.69 trillion and Bitcoin has a dominance rate of 59.8%.
The views and opinions expressed herein are those of the author only and do not reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
