1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop
BTC price barely clings to $56,000 support
Cointelegraph Markets Pro and TradingView showed that BTC/USD reached new local lows of $55,760 in trading on Wednesday.
This second day of larger losses for the pair came as altcoins also began to reverse their earlier gains, with Ether (ETH) falling below $2,000.
An examination of trader behavior indicates that there are long positions leveraged to the previous spot price, indicating that a further rise is more likely than a further correction. These positions, according to the Filbfilb analyst, need to be eliminated before bitcoin can make a meaningful attempt to reach new highs.
The recent price action has somewhat refreshed the market mix – $2 billion in liquidity over the past 24 hours, including $600 million in a single hour, according to Bybt’s resource tracker.
The big influx to Whalemap took place on the 23rd. March took place at $55172, added monitoring service Whalemap, taking a closer look at the possible bottom.
Let’s wait and see how the price reacts at this level. Normally prices bounce on such strong supports. ChartBTC/USD shows groups of whale orders. Source: Mapping whales
Altcoins reverse strong start to week
As for altcoins, at the time of writing, the good performance is in jeopardy as Ether has dropped below the historical level of $2,000 again, away from historical records.
1 hour ETH/USD candlestick chart (Bitstamp). Source: View of the shop
XRP and Polkadot (DOT) were the biggest losers among the top 10 crypto-currencies in terms of market cap, losing more than 10% on the day. All the chips in the top 50, with the exception of the stables, were in red.
Noted trader Scott Melker has blamed hypersensitive traders.
Bitcoin sneezes and drops a few hundred dollars, savvy traders sell their alts in a panic, and bitcoin’s dominance increases. Good times, he tweeted.
Reminds me of the sophistication of those old coins on store windows.
The alts remain in the Spring Bowl for a dramatic return to summer, and Filbfilb even says the second incarnation of the alts’ season is already here.
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