Analysts at Bexplus believe that the extremely low transaction volume on the BTC chain limits its price performance. The daily breakthrough has been delayed, and the market has to wait patiently for the start of the market.
(resource from data.bitcoinity.org)
At the daily K-line level, BTC's volatility space continued to narrow, and the price easily fell below the 10-day moving average on March 21st. For investors who expected BTC to exceed $60,000, opportunities for chasing gains frequently appeared near BTC reaching $60,000 on March 18th, 19th, and 20th, but the price of the currency eventually ended in a fall.
In terms of mainstream cryptocurrencies, the market value of most currencies has not changed much, and the price fluctuations are running at a low level, waiting for BTC to give directions. In terms of capital flow, in the case of a net outflow of BTC funds, a large amount of funds flowed out to USD and USDT.
In terms of ETH, the outflow of funds decreased today, and the inflow of funds from BTC and USDT accounted for 46 and 42% of the inflow of funds. But in terms of price, ETH is still standing still.
As BTC and ETH are operating simultaneously below the 10-day moving average, the expectation of shrinking adjustment is gradually increasing. Therefore, traders also need to be cautious about possible price retracements. After all, the result of the continuation of the current market may be the short-term continued expansion of the decline.
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.