By Sabina Muradova
On Mar 01, 2021
Bitcoin – the world’s leading cryptocurrency, seems to be on its way to recovery with the start of a new month after dropping a low of $43,000, the lowest in three weeks.
On February 21, Bitcoin began to fall rapidly from the level of $ 58,000. The cryptocurrency, which later fell to $ 47,000, has displayed a fairly volatile graph so far.
In the last days of February, many cryptocurrencies, including Bitcoin, fell by more than 20%. The total value of the cryptocurrency market has fallen from $1.66 trillion to $1.33 trillion. The price of BTC dropped to $ 44,000 several times after being rejected once again over $ 50,000. Bitcoin’s loss of over 20% in one week formed the worst performance since the market crash in March 2020.
Fortunately, the last retest of key support levels (44,000-45,000) gave a positive signal for the bulls. The leading cryptocurrency is currently trading about $47,751, according to CoinMarketCap data. Currently, BTC is facing strong resistance around $ 47,000, 48,000 and $ 50,000, along with key support levels of $ 45,000 – $ 43,800.
BTC is currently recovering and trading well above the $ 45,000 level. Bitcoin traders are keeping a close eye on the $ 44,000-45,000 levels. Willy Woo, the industry pioneer of on-chain analysis, published on his Twitter account that the $ 45,000 upward level is very strong support. He added that if it falls below this level, aggressive buying is expected.
“This is still a dip buyer’s market,” Matt Blom, sales and trading director for digital asset exchange firm EQUOS said on Sunday about the Bitcoin market. And he added these to his comments.
“On the upside, a close above $45,000 will change the theme. $48,200 will be the first target to be chased down, and back above $50,000, everyone will forget last week ever happened and will be shouting for a return to the all-time highs.”
Keep an eye on the $ 44K support level for BTC as an indicator for tracking all crypto, according to researchers at on-chain analytics firm Santiment. The firm believes that the entire cryptocurrency market is now dependent on Bitcoin holding above this key level.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.