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Bitcoin fails to surpass $71K this week

Market picture

The cryptocurrency market is up 0.3% in 24 hours to $2.66 trillion, but it's not due to reduced volatility. Bitcoin and Ethereum are trading close to the previous day's levels. Among the top coins, Doge (+7.4%) and BNB (+3.8%) are the best performers. At the other end of the spectrum are Avalanche (-1.3%) and Toncoin (-0.9%).

Bitcoin's fourth attempt to consolidate above $71K this week was unsuccessful. The Nasdaq100 also showed some downward bias, indicating a cautious attitude towards risky assets, although the S&P500 closed at another high.

Bitcoin has thus found strong resistance, preventing the bulls from launching an offensive. The caution in this case is due to the non-trading days in the US and UK, which greatly reduce the activity of institutional traders. The $69.5K and $68.5K levels attract our increased attention. Without significant support from buyers there, the correction could become more global.

According to Deribit, open interest in Bitcoin options maturing on 29 March has risen to an all-time high of $9.5bn.

News background

In another recalculation, the mining difficulty of the first cryptocurrency decreased by 0.97%. The indicator stood at 83.13 T. The average hash rate for the period since the previous change in value was 593.99 EH/s.

According to Bitwise, a few asset managers have already allocated 3% of client funds to the first cryptocurrency, and many are ready to do so soon.

Previously, there was some concern in the institutional environment about the potential collapse of BTC to zero, but amid the success of the ETF, the 'zeroing out' narrative has disappeared from the agenda.

The Dencun update to the Ethereum network is the foundation for global blockchain adoption, which could benefit TradFi companies in the crypto space, according to Metis.

Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison and fined $11 billion by a court in the Southern District of New York. Prosecutors asked for a 40–50-year behind bars.

Author

Alexander Kuptsikevich

Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.

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