The correction continued last week in the cryptocurrencies market, with Bitcoin losing up to 25% from its all-time high on February 28th. The king of cryptocurrencies is trading this Wednesday, March 3 around €42,600 ($51,500). While fears are already resurfacing in the market, we must take a step back and note that these declines are in proportion to the impressive rise that we have seen since October 2020 on the market. Our detailed analysis gives you the next interesting buying zone as well as an important technical resistance around $53,000. If the price breaks it up, the uptrend will be quickly revived.
As far as altcoins are concerned, almost all of them remain correlated to Bitcoin, with a higher volatility. Ethereum has also lost up to 35% from its historical high but is back in a buying zone. The good performance of Cardano (ADA) should be noted, which is now in third place in terms of market capitalization.
In summary, the underlying trend remains bullish and the market is still driven by positive news. More and more institutions and companies are taking the step of investing in cryptocurrencies. Banks such as JP Morgan are beginning to advise people to hold Bitcoin and Google Finance is now displaying cryptocurrencies as an investment category in its own right.
According to CoinGecko, market capitalization remains stable at around 1,600 billion.
Bitcoin’s dominance is also stable at 59.5% market share.
The best performance of the top 50 is to be attributed to NEM (XEM) with 51% over one week.
We invite you to discover our analysis in video (in french and dated March 2):
Bitcoin (BTC)
The Coinhouse recommendation : Wait
The price of Bitcoin was around €42,600 ($51,500) on March 3, an increase of 6.7% over one week. The price zone between €33,000 and €35,800 ($40,000 and $43,500) remains interesting for medium-term purchases. The price made a brief incursion there on February 28 before rebounding to evolve since then in a zone of uncertainty. The price zone between42,000 and 43,500€ ($50,700 and $52,500) will be a decisive resistance zone. If the price fails to cross it, there will be a strong probability that it will come back to test the zone around $40,000. However, if this resistance is broken, the uptrend will quickly resume and the price of Bitcoin will move towards new historical highs.
Ethereum (ETH)
The Coinhouse recommendation : Buy on support
Ethereum (ETH) suffered a little more from the decline compared to Bitcoin and gained 3.6% on the week to is trading at €1330 ($1600). Its price came on the level of 1020 to 1150€ (1240 to 1400$) which is a buying zone. A rebound has started but needs to continue beyond the resistance zone between €1380 and €1450 ($1670 and $1755) to validate the immediate resumption of the uptrend. Otherwise, the decline could resume and continue to the €925-€1075 ($1120-$1300) zone, which will again be a good place to buy.
Aave
The Coinhouse recommendation : Buy on support
Aave is trading at around €340 ($410), an increase of 14% over the week. Assets remain in a powerful uptrend despite a corrective movement since February 10 which sees its price evolve within a bearish channel. It has recently returned close to a very interesting buying zone for medium to long term investment: between €203 and €250 ($246 and $303). In order to quickly get back on an uptrend, the price will first have to break free of the upper limit of the bearish channel and above all finish a day above $468. Breaking this resistance can be interpreted as a buy signal.
In this article, all information is given for information purposes only, even if it has been established from serious and reputable sources. It does not constitute an offer by Coinhouse to buy or sell digital assets, or an offer to provide services on digital assets, nor does it constitute advice, encouragement or a recommendation to operate on the digital assets in question. It constitutes simple information over which the user holds 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.
