Bitcoin (BTC) is showing signs of recovery slowly as bulls are defending lower levels in order to maintain control. While Ethereum (ETH) has been on a downward trend, BTC has managed to gain over 33 per cent since March 2024. For now, strong support has been established for BTC at $81,600, with key resistance at $87,500.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.
This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls.
Crypto Prices Over The Past Week
Last Monday (March 17), the overall crypto market cap stood at $2.72 trillion. BTC price stood at around $83,000. ETH price stood at around $1,900.
A week later, the overall market cap rose to $2.83 trillion.
Check Out Top Crypto Prices Today
DeFi’s total volume stands at $6.14 billion, at 10.45 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $55.62 billion, at 94.73 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’ with 31 points (out of 100).
BTC dominance, at the time of writing, stood at 60.81 percent.
Over the past seven days, Bitcoin achieved a high of $87,301.60 (on March 20) and a low of $81,197.74 (March 18).
Ethereum, on the other hand, saw a high of $2,065.03 (March 20) and a low of $1,880.14 (March 18).
Crypto Events To Note
Bitcoin is trading above $85,000, gaining 2% in the past 24 hours while holding support at $81,000. CoinSwitch Markets Desk notes that 60.52% of Binance Futures traders are in long positions, anticipating a breakout.
Pi42 CEO Avinash Shekhar highlights Bitcoin’s cup-and-handle breakout, with support at $83,444. Unocoin CEO Sathvik Vishwanath notes resistance at $85,246, with a potential push to $95,000 if it breaks past $87,500. A drop below $81,000 could see BTC testing $76,606.
BuyUcoin CEO Shivam Thakral points to Bitcoin’s 3.19% rise, alongside gains in Ethereum, XRP, and Solana. CoinDCX reports meme coins like FARTCOIN leading gains. With the SEC’s crypto discussions underway, the market is poised for key moves.
What Crypto Traders Are Saying About Current Market Scenario
Edul Patel, co-founder and CEO, Mudrex, told ABP Live, “Bitcoin surged past the $85,000 mark over the weekend, with bulls maintaining control and defending lower levels. Strong support is established at $81,600, while the next key resistance stands at $87,500. On a yearly chart, Bitcoin has gained over 33% since last March. In contrast, Ethereum has been in a downtrend for the past three months. However, large investors have been steadily accumulating ETH. According to Glassnode, the number of wallets holding at least $100,000 worth of Ether increased from around 70,000 on March 10 to over 75,000 by March 22. Overall, broader macroeconomic concerns continue to weigh on all markets including crypto. As a result, we could see sideways trading until April.”
Sonu Jain, CRCO, 9Point Capital, said, “Bitcoin held steady last week despite a few mid-week dips, showing strong support around key levels. At 9Point Capital, we see the broader sentiment as neutral to bullish going into this week. There’s resilience in price action, and with no major negative triggers on the horizon, BTC could inch higher if current levels hold. We’re not reading too much into altcoin moves for now — Bitcoin continues to lead, and that’s where our focus is. Overall, cautiously optimistic as we start the week.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
