Wednesday, July 24, 2024

Market Watch March 26: Bitcoin ploughs forward, set to retest $45,000

Bitcoin is attempting to retest the crucial $45,000 mark but it was met with rejection. There is substantial volatility over the last 24-hours. At the time of writing this article, BTC was trading at $44,490 and has been up by 0.80% in the last 24-hours. In the last seven days, the popular cryptocurrency has gained 6.50%.

Bitcoin’s price has been making a series of higher highs and higher lows since March 13, and on March 25, BTC touched $45,082 but pulled back to $44,477 as it experienced resistance. Analysts highlighted that this was the fourth time for Bitcoin to retest resistance at $45,400. The much-loved cryptocurrency had managed to push to the highs of $45,899 in February but then there was a price crash and resetting of prices. Data charts show resistance levels at $70,000, $75,000 and $80,000 with support levels being $50,000, $45,000 and $40,000.

Analysts believe that if the bulls clear resistance at $45,400, Bitcoin will see the heights of $50,000. Bullish momentum will push forward to previous highs with BTC bound for the range between $50,000 – $52,000 price levels. However, the latest price movement shows that the bulls are finally ready to reverse the several-month-long bearish momentum soon. A strong resistance level remains at the $45,000 mark.

Meanwhile, Ethereum has lost 0.57% in the last 24-hours but remains above the $3,000 mark. It is trading at $3,123, as per CoinMarketCap. The altcoins are seeing red. Solana has lost 3.78% in the last 24-hours, Terra LUNA is down by 3.58% and Cardano has lost 2.73%. Ripple’s XRP, Avalanche, and Polkadot, as well as meme coins Shiba Inu and Dogecoin are in the red.

The market is mixed today.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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