Cointree Crypto Market Update - March 24th 2021

Market update for traders

Jump to the beginner's version Bitcoin returns to test a key area! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week retesting the $70,000 level for support before going on an exciting 10% run to the upside. The upper area of the rising channel at $76,000 proved far too strong a resistance for bulls and after repeated attempts to break through, price action fell over. At the back end of the week, the all important $70,000 AUD area at the base of the channel was broken and at the time of writing, BTC looks to be in a fight to remain above $69K.

Recapping Monday to Sunday last week in detail: bitcoin found strong support on the 50-day EMA, coincidentally in confluence with the psychological 70k level. The strength found here allowed the largest crypto by market cap to challenge the highest point of the rising channel, a move of 10%, and reaching as high as $77,000 AUD! Bulls would have been thinking it was a matter of when, not if they could break this resistance, but time and again they were rejected at the upper channel resistance, and finally, bitcoin rolled over. Where earlier in the week the 50-day EMA provided support, this time, bears crushed that level and forced BTC down over 10%. The market fell just below 70k briefly and has since tried to reclaim it in an attempt to find solid footing for a rally. In the week ahead, bears will look to break the market structure with a sustained push beneath the channel to $67,000. If price drops that far, bulls should be expected to provide strong resistance as this is the ceiling to the previous ascending triangle breakout in early March that sent bitcoin to $80,000. Bulls are desperate to stop the bleeding and find a floor for a rally, and a short sharp dip into liquidity beneath the channel would not be the worst outcome. That being said, bulls will be sweating if they lose $67,000 with convincing volume. While BTC was testing the boundary of the channel, some major altcoins made moves in its shadow. For the major altcoins: THETA token (THETA) does not appear to be slowing down into its April mainnet launch, the crypto up an incredible 63% this week and leads all comers at the top. Ripple (XRP) returned to the gainers this week with a 22% bounce, while Miota, (IOTA) had a powerful 7-day period, up 24%. Rounding out the big winners for the week, Theta’s utility token, Theta Fuel (TFUEL) is up an equally impressive amount as its parent token with a 25% gain.

Market update for beginners

Bitcoin returns to test a key area! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week retesting the $70,000 level for support before going on an exciting 10% run to the upside. The upper area of the rising channel at $76,000 proved far too strong a resistance for bulls and after repeated attempts to break through, price action fell over.**

Recapping Monday to Sunday last week in detail: bitcoin found strong support on the psychological 70K level. The strength found here allowed the largest crypto by market cap to challenge the highest point of the rising channel, a move of 10%, and reaching as high as $77,000 AUD! Buyers would have been thinking it was a matter of when, not if they could break this resistance, but time and again they were rejected at the upper channel resistance, and finally, bitcoin rolled over. Sellers were fierce, forcing BTC down over 10%. While the market fell underneath 70k briefly, it has since tried to reclaim the level in an attempt to find solid footing for a rally. In the week ahead, sellers will look to break the market structure with a sustained push beneath the channel to $67,000. If price drops that far, buyers will likely show up as this area is important and they will be desperate to stop the bleeding and find a floor for a rally. That being said, buyers will be sweating if they lose $67,000 with convincing volume. While BTC was testing the boundary of the channel, some major altcoins made moves in its shadow. For the major altcoins: THETA token (THETA) does not appear to be slowing down into its April mainnet launch, the crypto up an incredible 63% this week and leads all comers at the top. Ripple (XRP) returned to the gainers this week with a 22% bounce, while Miota, (IOTA) had a powerful 7-day period, up 24%. Rounding out the big winners for the week, Theta’s utility token, Theta Fuel (TFUEL) is up an equally impressive amount as its parent token with a 25% gain.