Current Status of Bitcoin and Ethereum Market

The Bitcoin price failed to recover as expected, and continuous sales through Exchange Traded Funds (ETFs) are seen as a significant reason for this. The easing of the price is considered normal as the impact of ETF buyers has decreased. The closing numbers for February were above expectations, so the probability of a 7-month gain streak continues. Bitcoin’s Status For the last four days, there have been net outflows from Bitcoin ETFs, and this trend is expected to continue. For those experienced in the cryptocurrency market, such corrections are known to be important for the long-term uptrend and are not a cause for concern. Bitcoin showing a clear recovery from the $61,736 drop indicates that investors see it as a buying opportunity. The 20-day EMA is flattening and the Relative Strength Index (RSI) is returning to the neutral zone, considered as signs of a strong rally. The Bitcoin price is […]

Current Status of Bitcoin and Ethereum Market

The Bitcoin price failed to recover as expected, and continuous sales through Exchange Traded Funds (ETFs) are seen as a significant reason for this. The easing of the price is considered normal as the impact of ETF buyers has decreased. The closing numbers for February were above expectations, so the probability of a 7-month gain streak continues.

Bitcoin’s Status

For the last four days, there have been net outflows from Bitcoin ETFs, and this trend is expected to continue. For those experienced in the cryptocurrency market, such corrections are known to be important for the long-term uptrend and are not a cause for concern. Bitcoin showing a clear recovery from the $61,736 drop indicates that investors see it as a buying opportunity. The 20-day EMA is flattening and the Relative Strength Index (RSI) is returning to the neutral zone, considered as signs of a strong rally.

The Bitcoin price is showing consolidation without straying too far from the all-time high (ATH), indicating that the bear market is continuing and the $69,000 test is not far away. Once consolidation is complete, targeting $73,777, a breakthrough above this level will trigger bulls to move towards new highs between $76,000 and $80,000.

Ethereum’s Status

The US Securities and Exchange Commission (SEC) continues to take a negative stance towards Ethereum. The SEC brings up the potential issue of Ethereum’s transition to a Proof of Stake (PoS) system. However, despite the claims of Ethereum Foundation’s decentralization efforts, it is thought that this situation will be understood before long, and the expectation for delayed approval from the SEC continues.

Looking at Ethereum price predictions, Ether found support at the 50-day SMA (3,161 dollars) on March 20th, but could not hold above the 20-day EMA (3,537 dollars). With the uncertainty surrounding ETFs, the selling pressure increases, while the risk of a drop to 2,717 dollars still exists. Still, regaining the key region makes the targets of 3,700 and 4,100 dollars possible.

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how to buy crypto?
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