Cointree Crypto Market Update - March 10th 2021

Market update for traders

Jump to the beginner's version Welcome back to a $70,000 AUD bitcoin! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week climbing out of the lower bands of resistance in the 60k range until it finally broke out of the ascending triangle we were watching last week. This rally was short-lived and the largest crypto by market cap came screaming back to earth - dropping below $64,000 and under the important 50 EMA at 60k. On the back of a $1.9 trillion stimulus injection in the US and a strong rebound in stocks, bitcoin rose 17% like a phoenix to reclaim the $70,000 level!

Recapping Monday to Sunday last week in detail: bulls took the initiative and rallied bitcoin off of the $60,000 level after finding support at $56,000. This bounce excited market sentiment into thinking we were heading back to the highs, however, $67,000 proved far too strong for bulls to breach. The halt in upwards movement coincided with US stock instability and the 0.618 Fibonacci retracement level at $67,000 that often provides additional bearish resistance. The bears pounced and forced the market down 10% to again test the 60k level where bulls would have had hearts in mouths. At the backend of the week, bitcoin made a blistering run through the 0.618 Fibonacci level at $67,000, and reclaimed the psychological 70k level. In the week ahead, it’s hard to see bitcoin bulls not firing up for a run at a new all time high but they will be anxious to do this soon or risk this pulse up becoming a lower high on the charts. 70k will be key for bulls & bears for control but a retracement to the $67,000 area is likely to build the larger cup & handle pattern. If there is a bullish break through the previous ATH, then 80k will be the next major target. BTC’s choppy movements have largely kept altcoins in check but there were some solid gainers this week. For the major altcoins: VeChain (VET) was up a staggering 45%. Theta (THETA) has had another amazing week of gains, up 38% at the time of writing. Also rounding out the top 10 cryptos, Litecoin (LTC) was up 12% over 7-days.

Market update for beginners

Can a bitcoin recovery turn into fresh highs? Welcome back to a $70,000 AUD Bitcoin! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week climbing out of the 60k area until it finally shot up to $67,000. However, this rally was short-lived and the largest crypto by market cap came screaming back to earth - dropping below $64,000. On the back of a strong rebound in US stocks, bitcoin rose 17% like a phoenix to reclaim the $70,000 level!

Recapping Monday to Sunday last week in detail: buyers took the initiative and rallied bitcoin off of the $60,000 level after finding support at $56,000. This bounce excited sentiment into thinking we were heading back to the January highs, however, $67,000 proved far too strong. The halt in upwards movement hit a key technical hurdle at $67,000, called the 0.618 Fibonacci retracement level which often provides additional bearish resistance. Sellers pounced here and forced the market down 10% to again test the 60k level. Alas the week ended on a high note when bitcoin made a blistering run through $67,000, and reclaimed the psychological 70k level. In the week ahead, it’s hard to see this strength continuing for a run at a new BTC all time high but they will be anxious to do this soon. 70k will be key for buyers & sellers and a retracement to the $67,000 area is likely if sellers show force here. If there is a break through the previous ATH, then 80k will be the next major target. BTC’s choppy movements have largely kept altcoins in check but there were some solid gainers this week. For the major altcoins: VeChain (VET) was up a staggering 45%. Theta (THETA) has had another amazing week of gains, up 38% at the time of writing. Also rounding out the top 10 cryptos, Litecoin (LTC) was up 12% over 7-days.