Bitcoin (BTC) Update: In the recent surge, Bitcoin came close but fell slightly short of reaching its all-time high. Consistent with our previous analysis, BTC encountered resistance along the trend line marked on our charts and pulled back to the $65,100 level. At the time of this review, the price has dipped below the peak trading activity level seen in the last upward movement since March 3rd. Unless buyers can secure the $67,300 level, we anticipate a continued local pullback to test the February high near $64,000. Here, the dynamic support of the 50 EMA (4-hour chart) increases the likelihood of a price reversal, potentially leading to renewed growth and an update of the all-time high.
Ethereum (ETH) Peaks: Following Bitcoin, Ethereum hit a yearly high at $3,740 on the Binance exchange. A local correction to around $3,550 may precede the next upward momentum.
Crypto Fund Investments Surge: The past week marked the second highest in this year for capital inflow into cryptocurrency funds, with a total investment of $1.84 billion from February 26th to March 1st, according to the latest CoinShares report. Additionally, trading volume hit a record $30 billion, with assets under management (AuM) nearing an all-time high of $86 billion, just shy of the $82.6 billion record set in November 2021. Notably, 94% of the capital inflow was directed towards Bitcoin-related products, while Ethereum-focused funds experienced their most significant influx since mid-July 2022, reaching $85 million. This increase in fund inflows, especially against the backdrop of record trading volumes, signals growing investor confidence in the prospects of cryptocurrencies and related products, further affirming the market’s stability and resilience.
Altcoin Highlights: QTUM’s plans to launch its AI service and a cross-chain bridge with the BRC-20 ecosystem led to a 36% increase in its value against USDT. The listing of Synesis One (SNS) on CoinEx spurred a 30% rise in SNS value. Meanwhile, an announcement from Theta Network about the upcoming release of a cloud service for mobile devices boosted THETA by 28%.
US Stock Market Overview: The US stock market closed lower on Monday, influenced by downturns in consumer goods, oil and gas, and consumer services sectors. This week, new labor market and service sector data, along with upcoming Federal Reserve speeches to Congress, are expected to impact market indices and risk asset dynamics. The Dow Jones fell by 0.25%, the S&P 500 by 0.12%, and the NASDAQ Composite decreased by 0.41% at the close.
Cryptocurrency Market Capitalization Grows: In the last 24 hours, the crypto market capitalization increased by 2.25%, while Bitcoin’s dominance dropped by 0.2%. We believe Bitcoin’s update of its all-time high is imminent, potentially following a local pullback in the $64,000 to $64,500 range.
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