It’s a week paved with uncertainty that we are experiencing in the cryptocurrency market! Bitcoin still fails to break through $60,000 and gives up 2% over the last week to settle at €47,300 ($56,000) this March 24. On Monday, March 22, statements by Jerome Powell, the president of the U.S. central bank, triggered a drop in the price of Bitcoin. Powell said that Bitcoin was "more of a substitute for gold than for the dollar" and that cryptocurrencies were "very volatile and therefore not really useful stores of value". A speech often heard but which once again triggered a little drop in the market.
However, the underlying trend remains bullish and is still unchallenged in the long term. In our detailed analysis, we see the price levels that should be particularly monitored before making an investment or arbitrage decision. Patience will once again be key. On the altcoin side, some projects are doing well and moving up in the capitalization rankings. This is notably the case of Tetha Network (THETA) and Terra (LUNA). The trend of NFTs (non-fungible tokens) remains strong and has the merit of attracting new entrants to the market.
From a macroeconomic perspective, the information is quite contradictory. The value of the dollar was strengthening earlier this week. A phenomenon that may possibly put downward pressure on Bitcoin. We will therefore remain attentive to price movements in the coming days. Finally, according to a Harris poll for Yahoo Finance, 10%of Americans could buy Bitcoin with their check received as part of the economic stimulus package.
According to CoinGecko, the market capitalization remains close to $1800 billion.
Bitcoin’s dominance drops to 58.5% market share.
The best performance of the top 50 is attributed to Tetha Network (THETA) with +95% over one week.
We invite you to discover our video analysis (in french and dated March 23):
Bitcoin (BTC)
The Coinhouse recommendation : Buy on support
The price of Bitcoin is trading at around €47,300 ($56,000) on March 24, down 2% on the week. The short-term trend will remain uncertain until the $60,000 mark is broken. The correction may still be prolonged. But in the long term, the bullish trend is still not in question. If the price continues to fall, it will arrive in the price zone between €42,200 and €44,100 ($50,200 and $52,300), which is a buying zone. Of course, if the rise resumes abruptly and the price ends a day above €50,700 ($61,800), this will be a buy signal to play a bullish continuation towards $70,000 and above.
Ethereum (ETH)
The Coinhouse recommendation : Buy on support
Ethereum (ETH) is down 7% to trade at €1450 ($1710) after failing to break through €1,600 ($1,900) again. We will wait for the price to end a day above this level to get a buy signal. Otherwise, the price area between €1300 and €1370 ($1540 and $1620) can act as support to buy for a rebound and a resumption of the uptrend. If the uptrend accelerates, we keep the area between €1,930 and €2,100 ($2,300 and $2,500) as a target for taking partial profits.
Ripple (XRP)
The Coinhouse recommendation : Buy on breakout
Ripple (XRP) is up 25% on the week to trade around €0.46 ($0.55). It is among the best performing assets this week. XRP has been on the rise for a few days now. Although price movements are often chaotic on XRP and these fundamentals divide the community, there is still a favorable scenario that could be in place from a purely technical standpoint. If the price closes a day above the €0.55 ($0.65) area, then we could have a strong buy signal on XRP, with the price possibly heading towards $1 fairly quickly.
All information in this article is provided for informational purposes only, although it has been compiled from reputable and reliable sources. It does not constitute an offer to buy or sell digital assets, nor does it constitute an offer to provide services in respect of digital assets, nor does it constitute advice, inducement or recommendation to deal in such digital assets. It constitutes simple information that is under the user’s absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc)
Banks and Institutions Tesla considers accepting Bitcoin as payment for cars again Elon Musk’s firm Tesla is likely to start accepting Bitcoin again in exchange for its products and services, the electric car company indicated on Monday. Tesla had suspended cryptocurrency transactions in May citing environmental concerns. A quote in a quarterly report says the […]
Bitcoin’s price has been on a spectacular uptrend for the past week. The crypto asset is up 32% over seven days and is trading around the €33,500 ($40,000) mark on 28 July. Buyers have clearly regained control, particularly following a sudden price movement on the night of 25 to 26 July, which we return to […]
Bitcoin bends but does not break. That could be the adage of the last fortnight in the cryptocurrency market. However, the technical situation remains poorly oriented, with sellers dominating since the beginning of July. Bitcoin is down 5% in a week and is hovering around €26,300 ($31,000) on July 21. On July 20, the price […]
Bitcoin’s price is not picking up any particular strength at the beginning of the summer. On the contrary, volatility is at its lowest point in the year 2021. The king of cryptocurrencies is near-stable on a week, down slightly by 2.9% and trading around €29,000 ($35,000) this July 7. The long-term trend is still bullish […]
After the sudden drop suffered by the cryptocurrency market on May 19, June is ending with a majority of investors left wanting more. With a slight variation of -7% over a month, Bitcoin is trading around €29,000 ($35,000) this June 30. The last few weeks have been dominated by fear and doubt, with China’s repressive […]
We are once again witnessing a surprising week in the cryptocurrency market. After several days of decline, Bitcoin seemed to lose the important support of €25,000 ($30,000) on the afternoon of June 22. But that was without counting on the reaction of buyers who quickly pushed the price back above $30,000. After this price action, […]
The situation is easing in the cryptocurrency market. Bitcoin has been rebounding nicely over the past week, rising nearly 20% in seven days to trade around €33,200 ($40,000) on June 16. However, we will see in the detailed technical analysis that the price has returned to a key level, with the $42,000 (€34,600) resistance to […]
A wind of panic blew again at the beginning of the week on the cryptocurrency market. Negative news stories have multiplied, contributing to undermining investor sentiment. Yet Bitcoin remains in its range between €24,500 and €32,7000 ($30,000 and $40,000) and is trading this June 10 around €30,800 ($37,000). There is no doubt that the $30,000 […]
After the purge of May, the last few days are plunging the cryptocurrency market into a very indecisive situation. Bitcoin is down about 3% in a week to around €30,500 ($37,000) on June 2. What to remember: Bitcoin’s price has actually been hovering between €24,500 and €32,7000 ($30,000 and $40,000) since May 19. Technically, a […]
Investing in crypto-assets carries risks of liquidity, volatility, and partial or total capital loss. Crypto-assets held are not covered by deposit and securities guarantee mechanisms.
Coinhouse SAS with a capital of €210,000, RCS Paris 815 254 545, headquarters: 14 Avenue de l'Opéra 75001 Paris – support@coinhouse.com. Registered with the AMF for activities related to the purchase/sale of digital assets against legal tender, the exchange of digital assets for other digital assets, and the custody of digital assets for third parties under the registration number: E2020-001.
Coinhouse payment solutions
Company registered with the Paris RCS under the number 914 384 557, registered with the Prudential Control and Resolution Authority as a payment service agent under the number 727503 of the electronic money institution Treezor, headquartered at 33 Avenue de Wagram, 75017 Paris.
General conditions, disclaimers and legal documents.
