Zinger Key Points
- Bitcoin flat even as other risk assets such as equities ended Tuesday higher
- Analysts expect the apex coin to once again get trapped in a range, albeit at a higher level
- Altcoins seeing a revival but traders are betting against some that saw big surges recently
- Get New Picks of the Market's Top Stocks
Bitcoin traded flat, Dogecoin slipped, while Ethereum edged higher on Tuesday evening, as the global cryptocurrency market cap rose 1.8% to $2.15 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.04% | 11.65% | $47,319.85 |
| Ethereum ETH/USD | 0.95% | 13.9% | $3,385.40 |
| Dogecoin DOGE/USD | -1.3% | 19.9% | $0.15 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Waves (WAVES) | 49.5% | $47.67 |
| Gnosis (GNO) | +25.4% | $523.75 |
| Terra (LUNA) | +10.5% | $104.92 |
See Also: How To Buy Bitcoin (BTC)
Why Is It Moving? Bitcoin touched an intraday high of $48,022.29 on Tuesday, but the rally in the apex coin appears to be tiring out.
Other risk assets such as equities ended the day in the green. The S&P 500 and Nasdaq closed 1.2% and 1.8% higher, respectively, on Tuesday.
That came after Russia pledged to cut down on military activity around the Ukrainian capital Kyiv, while Ukraine proposed adopting neutrality, according to a report from Reuters.
“It looks like Bitcoin is going to consolidate here and could be vulnerable to profit-taking towards the $45,000 level. The long-term bull case for Bitcoin is still in place, but exhaustion in the recent runup is settling in,” wrote Edward Moya, a senior market analyst from OANDA.
Traders are expecting Bitcoin to get rejected at around the $45,000 resistance mark as more than half of all Binance Futures accounts are net short on the apex coin, according to chart analyst Ali Martinez.
It appears that traders are expecting #Bitcoin to get rejected by the $45,000 resistance level as nearly 57% of all accounts in @BinanceFutures are net short on $BTC.
— Ali Martinez (@ali_charts) March 25, 2022
The good thing is that #BTC doesn't follow the herd. pic.twitter.com/sqDdgLUHBf
Cryptocurrency trader Michaël van de Poppe said on Twitter he was looking at the $45,700 and $46,000 levels for a “short-term correction,” as a new range had been made for Bitcoin between $46,000 and $52,000.
Looking at $45.7-46K for a short term correction, as a new range has been made for #Bitcoin between $46K and $52K.
— Michaël van de Poppe (@CryptoMichNL) March 29, 2022
Probably we'll be staying in that for some time. pic.twitter.com/rhBDAC9myH
As altcoins see a revival in March, traders are going long on several surging cryptocurrencies but betting against some such as Waves (WAVES), Dent (DENT), and Axie Infinity (AXS), according to a tweet from market intelligence platform Santiment.
With #altcoins enjoying a fantastic 2nd half of March, traders are #longing many surging #cryptocurrencies. That said, we continue to see traders betting against assets like $AXS, $DENT, and $WAVES. These are prone to #liquidations acting as rocket fuel to push prices higher. pic.twitter.com/4El25tcidb
— Santiment (@santimentfeed) March 29, 2022
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