Bitcoin Flat, Dogecoin Down, Ethereum Edges Up — Is The Crypto Rally Running Out Of Steam Already?

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.

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.  

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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. 

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. 

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