El Salvador benefits from the recent rise in Bitcoin – The President of El Salvador, Nayib Bukele, announced that El Salvador’s Bitcoin reserves have appreciated by more than 40% since their acquisition. He also indicated that BTC will not be sold in the next few years.
With the recent volatility in the cryptocurrency market, many operators have experienced mishaps. Indeed, the market recorded more than $700 million in liquidations on February 28. The month of February has just ended with a very good performance, but what can we expect from the month of March? Here we go for today’s newsletter!
Bitcoin price falls 3% in 24 hours
Will the king of cryptocurrencies seek his latest all-time high ? For the moment, BTC marks a break in his ascent. In fact, the price of Bitcoin drop of 3% in 24 hours :
However, this drop does not affect performance in higher time units. BTC climbs 20% in one weekover 40% in one month and almost 60% in three months. The BTC/ETH pair stagnates in 24 hoursbut it climbs by almost 5% in one week.
The month of February ends with an increase of 43.5%, will the trend continue?
After experiencing a month of January in indecisionBTC has just closed a record month with an increase of 43.5%. Indeed, we have to go back to 2013 to find a superior performance :
Is the month of March historically bullish? On the last eleven yearsBTC closed five times in the green And six times in the red. Also, it is interesting to note that since 2021, every month of March has seen a positive close. Unlike the month of February, we cannot really say that a clear trend emerges from the month of March. Let’s hope that the trend of recent years continues.
Resistance at $64,500 rejects Bitcoin price
The sellers showed themselves at the level of resistance at $64,500and the price fell to the level of institutional bias (EMA 9/EMA 18) bullish. Here, buyers should respond:
In the event of a greater fall, the price could return to the level of support at $59,000. On the other hand, if buyers show up, a return to the level of resistance at $64,500 is possible. It will be necessary to develop beyond this to continue the upward momentum in 4H. The RSI is currently fallbut the overall dynamic remains bullish. THE buyers have the advantage of momentum.
The price of Bitcoin marks an exceptional month of February with an increase of more than 40%. Bitcoin’s weak history doesn’t give a clear trend for March, but the last three years were bullish. To continue the trend, buyers would need to be able to break away from resistance at $64,500. If this scenario takes place, the price could return to its last all-time high around $69,000. Dogecoin is one of the altcoins that follow the performance of Bitcoin, the sign of the start of a bullish phase for altcoins?
BITCOIN NEWS THAT COUNTS
- By returning above $60,000, the price of Bitcoin is now around 10% of its last all-time high. According to Coinglass data, the market has seen over $700 million in liquidations.