However, experts warn that the cryptocurrency may face a difficult period in the short term, but that opinion is offset by optimism ahead of the halving.
In the rest of the market, most ‘altcoins’ are experiencing increases, highlighting the rally of more than 9% in Binance Coin (BNB) and the increase of more than 20% in Toncoin (TON). None of the major tokens show negative returns in the last 24 hours.
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The cryptocurrency market remains dominated by Bitcoin (BTC)which reached new all-time highs by surpassing the $73,400. However, the last 24 hours have been extremely volatile for the world’s leading digital asset.
Bitcoin had already exceeded $73,000 yesterday, only to subsequently fall to $69,000, later recovered to $71,000 and, in the early hours of Wednesday morning, was back at $73,000. According to data from CoinGlass, High volatility in the market eliminated leveraged positions valued at more than $360 million, marking the largest liquidation of bullish positions since March 5.
The high volatility is not surprising, as Kaiko Research reported that April 2023 highs were reached these days. Furthermore, sDifferences were observed between markets, indicating possible fragmentation that could worsen if liquidity continues to be distributed unevenly.
Bitcoin: what the market analyzes
Although these alerts have not affected the apparent optimism of the majority of investors, they have set off the alarms of several analysts who warn of possible short-term complications for the leading cryptocurrency. Matrixport has highlighted the divergence between high BTC prices and the decline in the relative strength index (RSI), an indicator that measures the magnitude of recent changes in price to analyze overbought or oversold conditions.
Despite the worse-than-expected CPI data in the United States, Bitcoin has shown no signs of heading lower. The general inflation rate rose one tenth in February, supporting the Federal Reserve’s (Fed) position of delaying interest rate cuts.
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As for Ethereum (ETH), it continues to follow the movement of the Despite the worse-than-expected CPI data in the United States, Bitcoin has shown no signs of heading lower. and is above $4,000.
The ‘altcoin’ has benefited in recent weeks from market optimism regarding the possible approval of exchange-traded funds (ETFs) of the world’s second largest cryptocurrency. However, Bloomberg analysts have reduced approval expectations from the Securities and Exchange Commission (SEC) to 30%, compared to 70% previously, aligning with JP Morgan’s pessimistic forecasts.
In the rest of the market, most ‘altcoins’ are experiencing increases, highlighting the rally of more than 9% in Binance Coin (BNB) and the increase of more than 20% in Toncoin (TON). None of the major tokens show negative returns in the last 24 hours.
Source: Ambito
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