Cointree Crypto Market Update - March 31st 2021

Market update for traders

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Is bitcoin ready for expansion? Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week breaking the $72,000 level in convincing fashion. The crypto got as low as $68,000 when bulls stepped in for a 9% rally. Unfortunately for bulls, this was as high as bitcoin would go, and the lower-high foretold and even deeper fall of 11%. At the back of the week, bitcoin saw a dizzying 10K bounce from the steep low of $66,600 to a high of $76,600, bouncing like a yo-yo. Bitcoin’s famous volatility was on show this week!

Recapping Monday to Sunday last week in detail: The largest crypto by market cap started with bears in full control - smashing the 72K level and forcing the market down to $68,000. Bulls rallied 9%, however, it couldn't stop the bears regaining the initiative and forcing BTC down 11.5%, and to a new local low of $66,427. This was a key decision point for BTC, as a further fall would likely have broken market structure and confirmed a bearish trend. However, like a phoenix from the ashes, bulls found support above the 200EMA and pushed the bears back to the 50EMA above 70k. Perhaps overconfident, bears tried to blunt the bullish momentum but the impulse higher reclaimed the key level of 76K and then went on to press for a re-test of BTC’s recent all-time high (ATH) in the 78,000 region! From the low to high, this was a swing of almost 18%! In the week ahead, bitcoin should make a decisive move. The low appears to have been tested for support and it was found at $67,000. Now, bitcoin is only % points away from a new ATH. $80,000 is an obvious psychological target but a convincing breach, in-line with a break of $60K on the USD charts, will likely signal a run at 90-100K AUD based on the previous range consolidation. Bears will be looking to halt overconfident bulls at 80K and force a deeper consolidation. While BTC bounced up and down like a yo-yo, alt coins struggled to make significant gains... For the major altcoins: Solana (SOL) made a 42% run over 7-days, while Algorand, (ALGO) had a powerful week, up 23%. Honourable mention also to NFT favourite Enjin coin (ENJ), up 23% over this period and follows an impressive run.

Market update for beginners

Is bitcoin ready for expansion? Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. Bitcoin (BTC) began last week breaking the $72,000 level in convincing fashion. The crypto got as low as $68,000 when buyers stepped in for a 9% rally. The pain didn’t stop there for buyers, however. Sellers returned in a big way, forcing a deeper fall of 11%. At the back end of the week, bitcoin saw a dizzying 10K bounce from the steep low of $66,600 to a high of $76,600, bouncing like a yo-yo. Bitcoin’s famous volatility was on show this week!

Recapping Monday to Sunday last week in detail: The largest crypto by market cap started with sellers in full control - smashing the 72K level and forcing the market down to $68,000. Buyers rallied here, however, it couldn't stop the sellers regaining the initiative and forcing BTC down 11.5%, and to a new local low of $66,427. This was a key decision point for BTC, as a further fall would likely have broken market structure and confirmed a downward trend. However, like a phoenix from the ashes, buyers pushed the price back above 70K. As the week went on, the upwards move reclaimed the key level of 76K and then went on to re-test BTC’s recent all-time high (ATH) in the 78,000 region! From the low to high, this was a swing of almost 18%! In the week ahead, bitcoin should make a decisive move. The low appears to have been tested for support and it was found at $67,000. Now, bitcoin is only % points away from a new ATH. $80,000 is an obvious psychological target but a convincing breach, in-line with a break of $60K on the USD charts, will likely signal a run at 90-100K AUD. Sellers will be looking to halt overconfident buyers at 80k and force a deeper consolidation. While BTC bounced up and down like a yo-yo alt coins struggled to make significant gains... For the major altcoins: Solana (SOL) made a 42% run over 7-days, while Algorand, (ALGO) had a powerful week, up 23%. Honourable mention also to NFT favourite Enjin coin (ENJ), up 23% over this period and follows an impressive run.