Sellers stepped up after Bitcoin jumped above $42,000

Sellers stepped up after Bitcoin jumped above $42,000

Bitcoin fell below $41,000 in the morning on Monday, March 21. Then BTC rebounded slightly, and now it is trading at $41,309.

Last weekend the coin, on the contrary, confidently grew in price. On some trading floors on Saturday it jumped up to $42,300.

However, at the same time, there was an increased resistance and traders, who bought BTC at prices around $42,500, started selling it. As a result, bitcoin began to retreat and pulled other cryptocurrencies down.

Ether (ETH) is still unable to break resistance around $3,000, the coin rolled back to $2900 in European trading. Binance Coin (BNB) and Cardano (ADA) fell to $394 and $0.892 respectively.

Terra (LUNA) and Avalanche (AVAX) managed to return to the green zone in the middle of the current session and gained 0.5% to $95.78 and $91.69.

XRP, Solana (SOL) and Dogecoin (DOGE) were down $0.811, $90.51 and $0.12. The capitalization of the crypto market fell to $1.877 trillion.
Analysts estimate that Bitcoin is unlikely to reach $45,000 in the coming days. It is not yet able to break resistance around $42,500. Altcoin also has little chance of a rebound.

However, observers note that the U.S. Federal Reserve’s rate hike did not lead to a collapse of BTC.

On the contrary, the coin was able to transform the $40,500 mark from a resistance zone into support. Now Bitcoin will use it as a fulcrum when trying to reach the psychological boundary of $45,000.

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Written by Renat
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