Over the last seven weeks, Bitcoin has maintained a downtrend, following its $109,000 peak in late January prior to President Trump's inauguration.
Current State of the Cryptocurrency Market
According to data from Coinmarketcap, the total cryptocurrency market cap stands at $2.68 trillion, reflecting a 1.29% increase. The market’s 24-hour trading volume dropped by 25.46% to $119.6 billion, with Bitcoin maintaining a 61.08% market dominance.
Price Analysis of Bitcoin and Other Cryptocurrencies
Bitcoin's price closed below the 200-day moving average on March 9, indicating higher seller strength, pushing the price down to $76,600 on March 11. Buyers have, however, lifted the price to $82,500, facing resistance. Likewise, XRP, PI, and SOL are showing unique trends and support levels, forming different price patterns.
Long-term Prospects of Cryptocurrencies
While Bitcoin’s short-term direction remains uncertain, the long-term prospects remain promising for investors. Analyzing the price charts of Bitcoin, XRP, PI, and SOL reveals potential support and resistance levels that play crucial roles in future movements.
The analysis has shown that investors need to closely monitor key support and resistance levels to make informed decisions.
