It is not yet clear whether BTC's recovery will continue, or if Bitcoin will test new lows in the coming days.
Bitcoin’s sink to ~$43,400 on Sunday, February 28th, was its lowest point in roughly three weeks. Although the price had corrected to levels above $47,480 at press time, some analysts believe that Bitcoin could be in for further drops in the next few days.
Indeed, CoinDeskreported that yesterday’s drop to $43K may be the continuation of a downward trend that emerged last week as a result of concern over rising US Treasury bond yields.
Some analysts believe that the increase in yields could cause the Federal Reserve to tighten its monetary policy in an attempt to stem the rising tide of inflation. However, such tightening could cause a sell-off in risk-on assets, which include Bitcoin and other Cryptocurrencies.
“This Is Still a Dip Buyer's Market.”
In any case, the drip to $43K was seen by many as an opportunity to scoop up some BTC on the cheap.
Matt Blom, Head of Sales and Trading for the digital-asset exchange firm, EQUOS, was quoted by CoinDesk yesterday, saying that “this is still a dip-buyer's market.”
"Profit-taking has led to liquidations, which has led to more profit taking. $41,800 will be the first test,” he said. Beyond that, "the next level is $38,100."
"On the upside, a close above $45,000 will change the theme. $48,200 will be the first target to be chased down, and back above $50,000, everyone will forget last week ever happened and will be shouting for a return to the all-time highs," Blom explained.
Jameson Lopp also pointed out on Twitter that the drop to $43K may not be so significant in the grand scheme of things, though last week was Bitcoin’s worst performance since March of 2020.
“Bitcoin has crashed to 10 times the value of what it crashed to a year ago,” he wrote.
Altcoins See a Short-Term Recovery, but Not Enough to Change Slightly Longer-Term Trend Lines
Beyond Bitcoin, other cryptocurrencies also saw red over the weekend, though Monday seems to have brought a wave of short-term recovery to altcoins. Still, the recovery has not yet been strong enough to change the weekly trends for most coins.
For example, Ether (ETH) has recovered nearly 10 percent over the last 24 hours, though its seven-day trend is still down roughly 22 percent. Additionally, Binance Coin (BNB) was up roughly 20 percent in 24 hours with a seven-day drop of 17 percent; XRP, Litecoin (LTC), and Chalink (LINK) were all down more than 20 percent in seven days, showing gains of less than 10 percent in the last 24 hours.
Of the top 50 cryptocurrencies listed by market cap, only a handful were showing positive trends over the last seven days: Cardano (ADA) up 20.81 percent, NEM (XEM) up 3.5 percent, Solana (SOL) up 36 percent, Voyager Token (VGX) up 6 percent, Fantom (FTM) up 45 percent, and UNUS SED LEO (LEO) up 32 percent.
Bitcoin’s sink to ~$43,400 on Sunday, February 28th, was its lowest point in roughly three weeks. Although the price had corrected to levels above $47,480 at press time, some analysts believe that Bitcoin could be in for further drops in the next few days.
Indeed, CoinDeskreported that yesterday’s drop to $43K may be the continuation of a downward trend that emerged last week as a result of concern over rising US Treasury bond yields.
Some analysts believe that the increase in yields could cause the Federal Reserve to tighten its monetary policy in an attempt to stem the rising tide of inflation. However, such tightening could cause a sell-off in risk-on assets, which include Bitcoin and other Cryptocurrencies.
“This Is Still a Dip Buyer's Market.”
In any case, the drip to $43K was seen by many as an opportunity to scoop up some BTC on the cheap.
Matt Blom, Head of Sales and Trading for the digital-asset exchange firm, EQUOS, was quoted by CoinDesk yesterday, saying that “this is still a dip-buyer's market.”
"Profit-taking has led to liquidations, which has led to more profit taking. $41,800 will be the first test,” he said. Beyond that, "the next level is $38,100."
"On the upside, a close above $45,000 will change the theme. $48,200 will be the first target to be chased down, and back above $50,000, everyone will forget last week ever happened and will be shouting for a return to the all-time highs," Blom explained.
Jameson Lopp also pointed out on Twitter that the drop to $43K may not be so significant in the grand scheme of things, though last week was Bitcoin’s worst performance since March of 2020.
“Bitcoin has crashed to 10 times the value of what it crashed to a year ago,” he wrote.
Altcoins See a Short-Term Recovery, but Not Enough to Change Slightly Longer-Term Trend Lines
Beyond Bitcoin, other cryptocurrencies also saw red over the weekend, though Monday seems to have brought a wave of short-term recovery to altcoins. Still, the recovery has not yet been strong enough to change the weekly trends for most coins.
For example, Ether (ETH) has recovered nearly 10 percent over the last 24 hours, though its seven-day trend is still down roughly 22 percent. Additionally, Binance Coin (BNB) was up roughly 20 percent in 24 hours with a seven-day drop of 17 percent; XRP, Litecoin (LTC), and Chalink (LINK) were all down more than 20 percent in seven days, showing gains of less than 10 percent in the last 24 hours.
Of the top 50 cryptocurrencies listed by market cap, only a handful were showing positive trends over the last seven days: Cardano (ADA) up 20.81 percent, NEM (XEM) up 3.5 percent, Solana (SOL) up 36 percent, Voyager Token (VGX) up 6 percent, Fantom (FTM) up 45 percent, and UNUS SED LEO (LEO) up 32 percent.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Worldcoin Defies Regulatory Challenges: Seeks Partnership with OpenAI
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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