On March 23, Bear managed to push the Bitcoin (BTC) price below the $ 54,000 support level, as various online data indicated that puppy bags began to slow purchases and divert risk to retail investors.

Data from Cointelegraph Markets and TradingView shows that the downtrend that started on March 22nd and continued through Tuesday, and that the price tested the support level of $ 54,000 for the second time this week.

Coinshares data shows that BTC remains the preferred asset for institutional investors, while the sector as a whole continues to deliver significant growth as institutions currently manage $ 57 billion in assets.

The upside remains unchanged despite the recent setback.
While inexperienced traders and newcomers to the cryptocurrency space may see the recent pullback as evidence of a bearish reversal, Cointelegraph analyst Michael Van de Pope sees the pullback as a positive development for Bitcoin.

Data from CryptoQuant, the network data provider, shows that a total of 14,600 BTC left Coinbase in the early morning of March 23. Traders generally view the outflow of bitcoin as a bullish factor, as the perception of supply shortfall is a popular bullish narrative among cryptocurrencies.

While there is no way to confirm that the outflow was a result of a gathering of whales, Whalemap analysis showed that there was a significant build-up at $ 55,000, but researchers cautioned that should the current support fail, the next strong support would be at $ 47,438. United States of America.

Analysts at Jarvis Labs took a slightly different view and suggested that traders look beyond the overall stock market flows in order to understand the daily movements of BTC.

According to Jarvis Labs co-founder Ben Lilly, “It’s important to know which portfolio is active in the general trend.”

Jarvis Labs is tracking a wallet it calls “Pablo” and analysis shows that the wallet has historically been associated with downward bitcoin price movements. Pablo moved BTC last during a sharp market correction in late February.

Recently, the Jarvis team noticed that Pablo started mixing around 15,000 Bitcoins on March 4, indicating a possible price drop. The cancellation occurred on March 14th when the bitcoin price rose by more than $ 60,000 and appears to have reached a new all-time high.

Lily said:

“This behavior was the last part of the recent downtrend in the short term, which coincides with the expiration of the next bigger option. These are things that could pave the way for higher highs in the future. We remain optimistic in April, and general trends confirm this.”
Choose Altcoin Rally when withdrawing Bitcoins
Despite the downward movement in the bitcoin price, a handful of digital currencies managed to reach new highs. As reported by Cointelegraph, Ankr (ANKR), Curve DAO Token (CRV) and Storj (STORJ), Coinbase’s impact has increased from 50% to 100%, and is expected to start trading on Coinbase Pro on March 25th.

Theta (theta) and theta fuel (TFUEL) also continued their strong gains on Tuesday after it was revealed that Sierra Ventures, Heuristic Capital, VR Fund and GFR Fund “have invested more than $ 100 million in THETA in the collective node Enterprise Validator. … ”

Following the announcement, Theta climbed 40% to a new full-time high of $ 14.21, while TFUEL rose 30% to a new all-time high of $ 0.53.

The total cryptocurrency market cap is now $ 1.69 trillion, and Bitcoin’s dominance is 59.8%.

Source: CoinTelegraph