Bitcoin (BTC) is still struggling below $ 50,000 on March 5, as the increase in 10-year government bonds to 1.62%, the highest in a year, is hurting global financial markets and hurting particularly risky assets. …
At the time of writing, the S&P 500 and Dow indices are up 0.46% and 0.64%, but the tech sector sell-off continues as companies like Apple and Tesla continue to decline.
Economists see higher bond yields as a result of improvements in the economy thanks to the introduction of the Covid-19 vaccine and expectations of increased economic activity as coronavirus cases decline. The rise in interest rates has prompted some to speculate that the Federal Reserve may take control of the interest rate curve or take a more aggressive stance, but the central bank has so far refrained from changing its current plans.
Data from Cointelegraph Markets and TradingView shows that bitcoin bulls tried to rally in the early hours of Friday, pushing the price 5.25% from the low of $ 46,280 to an intraday high of $ 48,725. The $ 50,000 level has yet to recover as strong support and traders are still looking for a daily close above $ 52,000 to confirm a rebound in upward momentum.
Despite this week’s decline, investor optimism remains high after record-breaking February, when Bitcoin reached a combined market value of $ 1 trillion and a new full-time job of $ 58,532. Ether (ETH) price has also strengthened over the past two weeks after hitting a new high of $ 2,033, hitting an all-time high of $ 2,033 on February 20.
After the strong congestion in the parabola, it is common to see a cooling off period with cross-regional trading and fewer support revisions, and from a technical point of view, Bitcoin and Ethereum are in the consolidation phase.
Historical data shows that Bitcoin is struggling in March.
In 2021, Bitcoin had its best annual start since 2013, but historical data shows that the price of BTC tends to decline from mid-February to the end of March. A recent report from Delphi Digital highlighted this trend, which has also been applied to airwaves since 2018.
Bitcoin volatility will also rise in March, according to Delphi Digital analysts, which means that an expected 20% price increase should not be a surprise.
Despite recent adjustments of under $ 50,000, Delphi Digital’s outlook remains optimistic, with analysts saying “nothing in the data or charts gives us reason to believe that the peak of BTC in this cycle is behind us.”
The message says:
Bitcoin’s $ 20,000 explosion late last year was a solid testament to its growth and heralded an important milestone; A scaling back on the long-term BTC / USD chart looks very promising. ”
Analysts have also suggested that Bitcoin may take hold of gold in the future, as the 9.8% drop in the price of precious metals was the worst in more than 30 years to date.
This may be due to the mismatch in money flow between Bitcoin investment products and the world’s largest gold ETFs that have sprung up in recent months, and Delphi Digital suggested that longer gold is worse, “BTC is likely to gain more attention.”
New high-rise jobs mid-sales
While Bitcoin and most of the major digital currencies are in the red today, there are some noticeable differences this week.
Theta (THETA), the blockchain-based video-streaming platform, rose to an all-time high of $ 4.50 on March 4. SwissBorg (CHSB) rose 13.04% to $ 1.16.
Ether saw a 6.24% bounce earlier today, down to $ 1,481, with Polkadot (DOT) being the hardest hit in the top 10, falling 10% to trade at $ 32.42.
The total cryptocurrency market cap is now $ 1.44 trillion, and Bitcoin’s dominance is 60.7%.