Categories: Crypto Review

Bitcoin testing downtrend resistance

Bitcoin rose 0.6% on Tuesday, ending the day around $38,700. Ethereum added 3.7%, while other leading altcoins in the top 10 are growing: from 0.5% (Binance Coin) to 12.8% (Solana). The total capitalisation of the crypto market, according to CoinGecko, rose 1.5% to $1.86 trillion overnight.

Bitcoin hit a week-and-a-half high above $39,000 on Tuesday but then pulled back, offsetting almost all of the gains. The first cryptocurrency was boosted by positive stock indexes and a weakening dollar, but sellers began taking profits on long positions.

Over the last eight days, BTC gained almost 20%, recouping more than half of the failure of the second half of January, and buyers decided not to take risks. Ahead is solid psychological resistance at the circular $40,000 level, which supported the first half of January.

Technically, Bitcoin has stalled its gains as it approaches the upper boundary of the descending channel. Traders are waiting for new signals about whether the recovery in risk demand will continue or whether the latest rebound will soon be choked off. The result of this struggle will determine whether we will see a break from the downtrend or whether the downtrend will continue again.

El Salvador president Nayib Bukele is confident that bitcoin will still show tremendous growth. It’s all about the fact that there are 50 million millionaires in the world. If they wanted to buy a coin, there wouldn’t be enough for everyone, as the entire bitcoin issue wouldn’t exceed 21 million.

MicroStrategy added another 660 BTC on the recent market decline. In total, MicroStrategy already has more than 125,000 bitcoins. Russian government officials told Bloomberg that Russians own $214 billion worth of cryptocurrencies. That’s about 12% of the total crypto market capitalisation.

The FxPro Analyst Team

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

Crypto Market Testing Resistance

The crypto market has increased by over 5% and is nearing the $2.9 trillion. The…

3 hours ago

Gold Wave Analysis – 19 March 2025

Gold: ⬆️ Buy - Gold continues daily uptrend - Likely to rise to resistance level…

17 hours ago

EURJPY Wave Analysis – 19 March 2025

EURJPY: ⬇️ Sell - EURJPY reversed from resistance zone - Likely to fall to support…

17 hours ago

NZDUSD Wave Analysis – 19 March 2025

NZDUSD: ⬇️ Sell - NZDUSD reversed from the resistance level 0.5820 - Likely to fall…

1 day ago

EURUSD Wave Analysis – 19 March 2025

EURUSD: ⬇️ Sell - EURUSD reversed from resistance level 1.0930 - Likely to fall to…

1 day ago

Ethereum gives way

The crypto market remains in a downtrend, with Ethereum losing market share while Bitcoin's share…

1 day ago