Tue. Mar 5th, 2024

• The article discusses the current state of Bitcoin, Ethereum and other major cryptocurrency prices.
• It examines the near-term prospects of Bitcoin from different perspectives and market analysis.
• It also looks at the various indicators that suggest whether the price will rise or fall in the near future.

Price Analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin’s failure to clear overhead resistance at $30k has attracted profit taking in select altcoins.

Bloomberg Intelligence’s Perspective on Cryptocurrency Markets

Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies along with stocks markets crude oil and copper may find it difficult to sustain recent bounces due to bank liquidity levels remaining tight.

SkyBridge Capital’s Perspective on Bitcoin Bear Market

Anthony Scaramucci while speaking with Yahoo Finance said that Bitcoin’s bear market may be over but he added it was a guess. However he highlighted that Bitcoin has repeatedly outperformed other asset classes over long term.

Technical Analysis for Bitcoin

Bitcoin is trading below $29k and has formed a symmetrical triangle near this level which suggests uncertainty among bulls and bears about next directional move. There is an upsloping 20-day exponential moving average ($27406) and RSI above 58 which suggests slight edge for bulls if price rebounds off support line. A breakout from triangle could push pair above $31380 whereas a break below support line could trigger selloff till $25250 mark.

Technical Analysis for Ether

Ether’s rally turned down from $1943 indicating bears are guarding psychological level at $2000 with vigour. The first support is located at $1857 followed by low of March 24th around $1750 if breached could lead to extended losses till uptrend line at $1650 mark where buyers are likely to defend further declines. On upside break of psychological level at 2000 could lead to retest of all time high achieved in February this year around 2560 levels .

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