BTC Sells Pressure Reduced, Pay Attention to Stagnant Mainstream Cryptocurrencies- Mar. 16th

With the continuous expansion of BTC’s decline, the price fell by 13.8% during the adjustment for three consecutive trading days. The BTC price is slightly lower than the 10-day moving average corresponding to $56,018 in the short-term. Analysts at Bexplus believe that after a slight decline in selling, investors can pay attention to the possibility of BTC stabilizing.

The price of BTC fell this time, driven by increased selling pressure of $60,000 in integer points, and also driven by the funding costs of investors. After the technical retracement, the short-term 15-minute K-line chart shows that BTC has experienced two consecutive pulse surges, and the selling pressure was released at this time.

In terms of market conditions, mainstream cryptocurrencies have retraced short-term but have not seen any significant breaches. If there are signs of stabilization, investors first need to pay attention to the bottoming pattern of BTC. Secondly, reduce the number of transactions in currencies such as NFT and DeFi with excessively high gains, and pay attention to the market performance of top-ranked stagflation currencies, such as LTC, EOS.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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