Analysts at Bexplus believe that although BTC has rebounded, the increase is relatively small, and the volume and price performance is relatively weak, which still prompts adjustment of expectations. Most mainstream cryptocurrencies have risen in line with the BTC rebound, but it is more difficult to make profits in the short-term.
On the daily line, after the technical rebound of BTC began on March 1st, during the short-term sideways shock, the highest reached only $52,637. Prices retreated on March 2nd and March 4th, and at the same time they started to fall again in the short term. That is to say, the current BTC sideways trading provides opportunities for more investors to trade, but it is not a signal to chase gains.
In terms of moving averages, the price of BTC is running above the 30-day moving average, indicating that the price of BTC is higher than the cost price of most investors in the past month. However, the number of active addresses fluctuates slightly recently, and the value is running at a low level. This shows that short-term investors have sufficient transactions, but there are not many large capitalists who are able to pull orders.
In terms of hot spots, most mainstream currencies have risen and fallen, DOGE has soared in the short-term, the concept of Defi has clearly differentiated, and the top-ranked NFT concept has increased significantly. The market trend shows that mainstream currencies are not ready to rise. At the same time, the number of unconfirmed transactions of BTC is still at a historical high, and more investors transfer transactions with little short-term profit, which means that the selling pressure will increase and the adjustment will be promoted.
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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