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Bitcoin’s (BTC) price is still recovering from its sub-$55,000 reversal, and at the time of publishing, markets are attempting to reclaim the $57,000 mark as a support level.
According to TradingView data, a surge of early morning selling forced Bitcoin to a daily low of $53,167, and although dip buyers stepped in, the lack of buying volume is holding BTC trapped in what appears to be a tightening range.
Although the Bitcoin price can continue to face overhead pressure in the $56,000 to $58,000 range, there is still a clear bullish argument to be made because a possible $6.1 billion in Bitcoin options are expected to expire on March 26. According to Cointelegraph commenter Marcel Pechman, derivatives data shows that the forthcoming expiry is more favourable for bulls as long as BTC holds over $52,000.
Ether (ETH) has also been consolidating after hitting a new all-time peak of $1,950 on March 13, and experienced traders see the $1,750 mark as good support after many bearish retests over the past week.
Altcoins press ahead while Bitcoin price recovers
Several altcoins saw price breakouts on Tuesday as a result of alliance announcements and exchange listings, which have proved to be successful price movers.
The biggest news of the day came from Coinbase Pro, which announced that it has started accepting inbound Cardano (ADA) transactions and will fund trading services “on or after 9 AM PT on Thursday, March 18, if liquidity requirements are met.”
Terra (LUNA) gained another double-digit percentage point overnight, jumping more than 40% from a low of $14.60 on March 15 to a new all-time peak of $20.60 on $1.4 billion in trading volume.
Basic Attention Token (BAT) has also seen its price rise to a new all-time high of $1.18, as the blockchain-based web browser continues to benefit from a slew of announcements, including the purchase of a search engine provider and proposals to add NFT features and a DEX aggregator.
Traditional markets take a tumble as Treasuries rise
Global stock markets were under pressure on Tuesday as a result of lower-than-expected retail sales and an increasing 10-year Treasury yield, which ended the day up 0.87 percent at 1.621.
Following record highs set on March 16, the S&P 500 and Dow Jones Industrial Average fell during the day, closing down 0.16 percent and 0.39 percent, respectively. The NASDAQ was able to begin a late-day rebound, which resulted in a 0.09 percent increase in its price.
Analysts predict accelerated growth in the crypto market
Despite the decline in the prices of Bitcoin and Ether, the general outlook for the cryptocurrency industry is bullish, with indicators of consistent consumer acceptance emerging on a regular basis.
Long-term cryptocurrency investors have been amassing BTC in recent months, according to data, whilst short-term traders are hopeful that high-leverage risky trading will pay off. The consistent rise in BTC accumulation means that the latest bull market has plenty of space to go further.
The estimated cryptocurrency market cap is currently $1.723 trillion, with Bitcoin dominating at 60.8 percent.