BTC is about to break the short-term high, but before the break, there has been a price adjustment. Analysts believe that at present, investors have a strong wait-and-see atmosphere, and the market may fluctuate repeatedly.
In terms of price, BTC rebounded as high as $57,371, one step away from breaking through $60,000. At the same time, short-term selling has increased, limiting the price performance of BTC. In other words, although BTC is relatively active, its short strength cannot be ignored. If the bulls do not take the initiative to increase the BTC price, the risk of a second fall cannot be ruled out.
In terms of addresses, the number of new addresses added by BTC on March 10th rebounded slightly to a short-term high of 575,000. This shows that more investors who have not entered the market are ready to trade.
In terms of capital flow, in the context of BTC’s short-term rebound, funds flowed into BTC from other cryptocurrencies. With investors selling other mainstream cryptocurrencies in a short-term, the overall market is in a state of adjustment. The hype of the hot cryptocurrency has cooled down, and the price trend of BTC determines the investor’s sentiment to chase the rise.
Considering that some of the top-ranked mainstream cryptocurrencies are still in the stagflation stage, they are obviously much behind the continuous rise of BTC. Under the background that BTC is brewing to break through the $60,000 mark, appropriate attention can be paid to mainstream currencies such as EOS, LTC, and BCH that are relatively stagnant. After all, as the prices of more currencies are soaring and the bubble increases, risk aversion is very important for investors.
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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