Bitcoin

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 <p class=""><strong>The significant rebound in the Bitcoin and Ether market suggests that the market’s optimism persists, with each price decline interpreted as an opportunity to invest.</strong></p>
 <p class="">On March 5, Bitcoin reached a new peak, surpassing $69,200, only to experience a sharp sell-off that drove its value below $60,000. This downturn triggered cross-cryptocurrency liquidations amounting to $1.17 billion, as the tracking service Coinglass reported.</p>
 <p class="">Despite this setback, the interest in purchasing Bitcoin through exchange-traded funds (ETFs) remained strong. According to data from Farside Investors, there was a net increase of $648.9 million in investments into Bitcoin ETFs, with the iShares Bitcoin Trust (IBIT) by BlackRock witnessing a record influx of $788 million. This indicates a robust demand for Bitcoin, suggesting that future price corrections may be minor if this trend continues.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">When the markets rise sharply, traders tend to throw caution out the window and take on too much leverage. That is a quick way of making money in the near term, but it could damage the portfolio if traders are not adept at booking small losses. Therefore, traders should remain cautious and follow trading rules when using leverage.</p>
 <p class="">Could Bitcoin extend the uptrend, increasing the altcoins, or will the cryptocurrencies enter a consolidation phase? Let’s analyze the charts of the top 10 cryptocurrencies to find out.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">Bitcoin has been in a strong uptrend for several days. Traders view the dips as a buying opportunity during an up move on March 5.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The bulls aggressively purchased the drop to the 20-day exponential moving average ($58,131), indicating solid demand at lower levels. Buyers are trying to resume the uptrend by pushing the price above $69,000. If they succeed, the BTC/USDT pair could start the next leg of the uptrend to $76,000 and then $80,000.</p>
 <p class="">Time is running out for the bears. If they want to start a correction in the near term, they will have to guard the $69,000 level and yank the price below the 20-day EMA. The pair could then witness long liquidation and nosedive to the 50-day simple moving average ($49,107).</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p class="">Ether&nbsp;<a target="_blank" rel="noreferrer noopener">jumped above the $3,600 resistance on March 4 and tried to extend the uptrend on March 5, but the bears had other plans.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">Strong selling pulled the price down to the 20-day EMA ($3,233), where buyers stepped in to arrest the decline. This suggests a positive sentiment where the bulls are defending the 20-day EMA.</p> <p class="">The bulls continued buying and are trying to maintain the price above $3,822. If they manage to do that, the ETH/USDT pair will likely start a rally to $4,000 and, after that, to $4,150. Bears must drag the price below the breakout level of $3,600 if they want to prevent the upside. That could deepen the pullback to the 20-day EMA, which will be in danger of breaking down.</p> <h2 class="wp-block-heading" id="bnb-market-analysis">BNB Market Analysis</h2> <p class="">BNB&nbsp;turned down from the overhead resistance of $427 on March 5 and plunged below the 20-day EMA ($387), but the bears could not sustain the lower levels.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/04/23/7b2ebf08f21dee70ed2a07b38ecc367b.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls bought the dip below the 20-day EMA, as seen from the long tail on the candlestick. Buyers are trying to strengthen their position further by maintaining the price above $427 on March 6. The BNB/USDT pair could rally to $460 if they do that.</p> <p class="">Contrary to this assumption, if the price fails to sustain above $427, it will indicate that bears defend the level with all their might. That will increase the likelihood of a fall to the 50-day SMA ($341).</p> <h2 class="wp-block-heading" id="solana-sol-market-analysis">Solana (SOL) Market Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Solana&nbsp;</a><a target="_blank" rel="noreferrer noopener">reversed direction from the immediate resistance of $143 on March 5 and fell to the 50-day SMA ($105).</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">However, the long tail on the day’s candlestick shows that the bulls aggressively protect the 50-day SMA. The bulls have pushed the price above $126 and will again try to overcome the barrier at $143. If they can pull it off, the SOL/USDT pair could start the next leg of the upmove to $158.</p> <p class="">Instead, if the price turns down from the current level or the overhead resistance, it will suggest that the bears are unwilling to give up. The pair may then again slide to the 50-day SMA.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> <p class="">XRP turned down from $0.67 on March 5, indicating that the bears fiercely defend the level.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The price rebounded off the 50-day SMA ($0.55), signalling that the bulls continue to buy on sharp dips. The XRP/USDT pair will make one more attempt to clear the overhead hurdle at $0.67 and start the journey to $0.74.</p> <p class="">On the other hand, the bears will again try to defend the $0.67 level. If they do that, it will indicate a range-bound action in the near term. The pair may swing between the 50-day SMA and $0.67 for a few days.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Cardano&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down from $0.80 on March 4 and plummeted to the 50-day SMA ($0.56) on March 5.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">However, the bulls aggressively bought the dip near the 50-day SMA and the price recovered to close above the breakout level of $0.68. This shows a bullish sentiment among traders. If the price rises from the current level, the ADA/USDT pair could reach the overhead resistance of $0.80.</p> <p class="">This positive sentiment will be invalidated if the price turns down and closes below the 20-day EMA ($0.65). The pair could then slump to the 50-day SMA.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p class="">Dogecoin&nbsp;rose above the $0.16 resistance on March 4 but could not sustain the breakout on March 5, indicating profit booking at higher levels.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls are again struggling to maintain the price above $0.16, indicating continued selling on rallies. If the price turns down from the current level or the overhead resistance, the DOGE/USDT pair may slump to the 20-day EMA ($0.12), where buyers will likely step in.</p> <p class="">Contrarily, if buyers sustain the price above $0.16, the pair could gradually retest the local high at $0.20. A break and close above this level could signal the start of the next leg of the uptrend to $0.30.</p> <h2 class="wp-block-heading" id="shiba-inu-shib-price-analysis">Shiba Inu (SHIB) Price Analysis</h2> <p class="">Shiba Inu&nbsp;has been in a strong bull run for the past few days. The bulls propelled the price to $0.000045 on March 5 but could not sustain the higher levels, as seen from the long wick on the candlestick.</p>
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    <figcaption class="wp-element-caption"><em><strong><sub>SHIB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">That started a wave of selling, which pulled the price down to $0.000025. A minor positive for the bulls is that the lower levels were purchased aggressively, which shows solid demand for dips.</p> <p class="">After the significant range day, the SHIB/USDT pair may remain range-bound for a few days. The boundaries of the range could be $0.000025 on the downside and $0.000045 on the upside. The deeply overbought level on the RSI also warns of a possible correction or consolidation in the near term.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The failure of the bulls to start an uptrend after completing the inverse head-and-shoulders pattern in Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">could have led short-term traders to dump their positions on March 5.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The AVAX/USDT pair plummeted below the 50-day SMA ($37.04), but a minor positive is that the bears could not sustain the lower levels. Solid buying started a recovery, and the bulls are trying to push the price back above the overhead resistance of $42. If this level is cleared, the bulls may face stiff resistance near $44 again.</p> <p class="">A break and close above $44 will be the first indication that the bulls are back in the driver’s seat. The pair may then retest the psychological resistance at $50. The 50-day SMA and $35 are the two crucial supports to watch on the downside.</p> <h2 class="wp-block-heading" id="polkadot-dot-price-analysis">Polkadot (DOT) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Polkadot&nbsp;</a><a target="_blank" rel="noreferrer noopener">soared to $10,76 on March 5, where profit booking set in, as seen from the long wick on the day’s candlestick.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>DOT/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bears pulled the price below the 20-day EMA ($8.57), but the long tail on the candlestick shows that lower levels continue to attract buyers. The bulls have pushed the price above the breakout level of $9.59. If they can sustain the higher levels, the DOT/USDT pair could rise to the overhead resistance of $10.80.</p> <p class="">Generally, an increase in volatility is followed by a period of low volatility. For a while, the pair may consolidate between the 20-day EMA and $10.80.</p> <h4 class="wp-block-heading">Source – Rakesh Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-6th-mar-btc-eth-bnb-sol-xrp-ada-doge-shib-avax-dot-tbt86073.html">https://thebittimes.com/latest-market-overview-6th-mar-btc-eth-bnb-sol-xrp-ada-doge-shib-avax-dot-tbt86073.html</a></p>

Latest Market Overview 6th Mar: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB, AVAX, DOT

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