Analysts at Bexplus believe that the upward ability of BTC at key points has weakened, the selling pressure has increased slightly, and the choice of direction still needs to wait for confirmation of the breakthrough. With regard to mainstream cryptocurrencies, most cryptocurrencies are gathering momentum, and the hot NFT concept hype continues.
From the perspective of the flow of BTC funds, more BTC has flowed into the trading account, which has promoted the continuation of the BTC price adjustment. On March 11st, as many as 11,000 BTC netted into the trading account. At the same time, the price of BTC showed a sideways consolidation, and it retraced at the highest near 57,000 USD. Although the selling pressure did not increase significantly, the selling pressure of 11,000 BTC was significantly lower than the selling intensity of 57,000 BTC on February 21st. However, BTC prices seem to show no signs of further breaking through short-term highs.
In terms of mainstream cryptocurrency, ETH adjusted sideways in short-term, DOT fluctuated and retreated. Most mainstream cryptocurrencies followed the adjustment of BTC, and there was no possibility of a breakthrough in price.
At present, investors have repeatedly speculated around a few hot spots such as NFT, and the market value increase is mostly concentrated in a few currencies such as CHZ, MATIC, and KAVA. Looking at the upward flow of capital, BTC and ETH have a net outflow of 200 million yuan within 24 hours, continuing to promote the continuation of the adjustment. In the mainstream cryptocurrency, the bulls stand still, and there are more opportunities for short-term changes.
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.