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Highlights
- A confluence of technical levels at $60000 creates a high-demand zone for Bitcoin.
- The Dogecoin price may prolong the correction trendline until the overhead trendline is intact.
- The ICP price reversal above 50% FIB level reflects buyers remaining a dominant force in this asset.
Crypto Price Prediction: The cryptocurrency market has been notably bearish this week, showcased by the new correction trend in most major coins. Several analysts believe this retracement was bound to happen as the last recovery trend left these assets in an overbought region.
Moreover, the recent outflow in spot Bitcoin ETFs accelerated the selling and plunged the underlying asset BTC below the $65000 mark. A recent tweet by Wublockchain highlights the spot BTC ETFs witnessed a substantial outflow, with Grayscale ETF GBTC seeing $358 million left in a single day. Cumulatively, GBTC’s outflows have reached $13.63 billion. In contrast, BlackRock’s Bitcoin spot ETF IBIT has experienced a notable inflow of $233 million.
According to SoSoValue, on March 22, the total net outflow of Bitcoin spot ETFs was $93.85 million, continuing a four-day net outflow.
Grayscale ETF GBTC had a single-day net outflow of $358 million, with GBTC's historical net outflow now at $13.63 billion. The Bitcoin spot ETF… pic.twitter.com/SdIOzjf4Ic
— Wu Blockchain (@WuBlockchain) March 22, 2024
However, with the broader trend of bullish retracement, the current correction may benefit the exhausted bullish momentum to regain strength for the higher rally.
Also Read: Crypto Prices Today March 22: Bitcoin At $66K, Ethereum Above $3500, XRP & ADA Gain
1)Bitcoin (BTC)
Bitcoin is a decentralized digital currency, created in 2009, that enables peer-to-peer transactions without a central authority, using blockchain technology for security. With a capped supply of 21 million coins, this digital gold is viewed as a hedging instrument against inflation which notably affects the traditional market.
As of the latest update, its market capitalization stands at $1.26 Trillion, with a trading volume of $40.4 billion in the same period. The BTC price is currently in a correction mode as its value rose from the new ATH high of $73800 to $64815 within a fortnight, registering a 12.5% loss.
The downfall has recently witnessed renewed buying interest at the combined $60000 and 38.2% Fibonacci retracement level, evidenced by a 9.68% price jump on Wednesday. However, the lack of follow-up to this bullish candle indicates no clear confirmation of recovery thus, the coin holder may expect some consolidation for buyers to regain strength.
In case the Bitcoin price loses $60000 support, the buyers may seek the next suitable floor at $56000, aligned with 50% FIB level.
Also Read: Bitcoin Price Bounce Back With Fed Meeting: Will Crypto Market Recover?
2)Dogecoin(DOGE)
Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency that began as a joke based on the popular “Doge” meme featuring a Shiba Inu dog. The asset stands out for its low transaction fees, fast transaction times, and use in charitable donations and online tipping.
An analysis of the daily chart shows the Dogecoin price correction is resonating between a downsloping resistance trendline and a horizontal support of $0.12. This level coinciding with 61.8% FIB has uplifted the DOGE price by 29.4% to trade at $0.158 currently.
As per coinmarketcap, Dogecoin’s current market at $22.77 Billion has climbed to the eighth-largest cryptocurrency surpassing Cardano. If the buying momentum persists, the coin price may rise another 8% to hit the overhead trendline.
A breakout above this barrier would signal the resumption of prevailing recovery and chase $0.19 to $0.2.
Also Read: Dogecoin Millionaire Tips Reddit Themed Memecoin To Outperform IPO
3)Internet Computer (ICP)
Internet Computer (ICP) is a blockchain project developed by the DFINITY Foundation to extend the internet’s functionality to support smart contract deployment at web speed and processing power without limits.
Amid ongoing correction, the ICP coin witnessed an aggressive downfall with its price falling from $16.99 to $10.5 accounting for a 37.9% fall. However, an emerging trendline offered buyers suitable support and surged the altcoin value 24% to trade at $13.09. The market capitalization of Internet Computer Coin recently hit $6.1 billion, with its trading volume over the last 24 hours recorded at $274 million.
With sustained buying, the ICP price can rise another 22% to challenge the last high of $16.26, followed by $18.
Takeaway
The cryptocurrency market is currently in an active correction trend following the lead of the leading digital asset Bitcoin. While the newfound support of $60000 has halted the downward trend in BTC price, the buyers would need a better confirmation for reversal in the form of a bullish pattern or key resistance breakout.
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