Bitcoin bulls take a breather while BTC price slips below $55,000

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Bitcoin worth bought off on March 15 as bears pushed the value again into the mid-$50,000 vary a couple of days after (BTC) hit a brand new all-time excessive above $61,000. 

Knowledge from Cointelegraph Markets and TradingView reveals that Bitcoin worth dropped as little as $54,600 and on the time of writing, consumers haven’t stepped in to arrest the decline.

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BTC/USDT 4-hour chart. Supply: TradingView

A sequence of latest developments have elevated the worry, uncertainty and doubt (FUD) issue for the highest cryptocurrency, together with rumors of a potential digital asset ban in India that will criminalize the possession, issuance, mining, buying and selling and switch of cryptocurrency.

Including to the dangerous information of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the highest DeFi initiatives on the Binance Good Chain, fell victim to a DNS spoofing attack that sought to phish customers into getting into their non-public keys on the web site.

Each initiatives instantly knowledgeable customers of the exploit and suggested them to keep away from logging in till the problem is resolved. and are reminded to maintain their non-public keys and seed phrases safe and saved offline. On the day by day shut CAKE worth was down by 8.7% and CREAM dropped by 14.3% earlier than recovering to $110 on the day by day shut.

The bullish uptrend stays intact

Regardless of Monday’s decline, merchants are optimistic that BTC will see a fast restoration and a latest survey estimates that as much as 10% of the $400 billion in pandemic aid for U.S. citiz could be used to purchase Bitcoin and stocks.

One other bullish signal for BTC comes from the futures markets, the place a record $22.5 billion in open interest on BTC futures signifies that bulls stay optimistic that the present uptrend will proceed.

In accordance with Chad Steinglass, Head of Buying and selling at CrossTower, the early morning sell-off was not shocking as a result of a number of elements together with much less liquidity on the weekends which may result in “liquidations in extremely levered swap and choices merchandise that commerce outdoors of the U.S.,” exacerbating the downward motion.

Steinglass stated:

“Couple this with the truth that China has been buying and selling weak ever because the Lunar New 12 months in each fairness and crypto markets, and a sell-off from the weekend highs, whereas disappointing, just isn’t significantly shocking.”

Stimulus optimism results in new record-highs in equities

The normal monetary markets rallied on Monday as optimism surrounding the latest $1.9 billion stimulus package deal signed by President Biden helped dampen considerations associated to rising Treasury yields.

The S&P 500, Dow and NASDAQ all closed the day optimistic, up 0.65%, 0.53% and 1.05% respectively. The S&P 500 and Dow each establishing new all-time highs because the buying and selling day closed.

Choose altcoins ignore Bitcoin’s bearish flip

Every day cryptocurrency market efficiency. Supply: Coin360

Regardless of the bearish flip of occasions, a number of altcoins have been ready to withstand and rally larger.

Enjin (ENJ) noticed its worth surge 32% to a brand new all-time excessive of $3.00 throughout the early buying and selling hours because the altcoins quantity surged after being listed on Huobi alternate.

The twin-token system of VeChain (VET) and the VeThor Token (VTHO) additionally moved larger as a excessive quantity spike lifted VET to a brand new all-time excessive at $0.0827. VTHO worth elevated 37% to $0.0119, its highest stage in over two years.

BTC/USD day by day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.71 trillion and Bitcoin’s dominance fee is 60.9%.