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Bitcoin price fluctuations decrease
Bitcoin price fluctuations decrease
Trading

Bitcoin price fluctuations decrease

By Federico Izzi - 26 Mar 2020

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Despite the average daily volatility continuing to score new highs reaching 11 points on a monthly basis, close to the highest peak since December 2013, it is worth noting that in the last 5 days the Bitcoin price fluctuations are in a range of 2-300 points which is equivalent to 3-4%.

These are fluctuations that 10 days ago saw the strongest decline concentrated in recent times and in recent years, it is a clear sign that the market is trying to stabilize and find points from which to restart and consolidate. These are signs that are reflected throughout the rest of the sector. 

coin360 20200326
Source: COIN360.com

In fact, today is not showing much movement, the red sign prevails for just over 70% of the first 100 cryptocurrencies. 

Among the big in the top 20, the most pronounced drop is that of Ethereum Classic (ETC) which goes beyond the percentage point. 

XMR 20200326

On the opposite side, among the big ones, the most pronounced bullish sign is that of Monero (XMR) that continues its recovery after the sinking that characterized the lows between March 12th and 13th and that brought Monero’s prices back to revised levels that had been abandoned since the summer of 2017. With today’s rise of over 7%, Monero sees a recovery of 90% from the lows of March 13th

What is continuing to characterize the period are the high trades recorded on the Bitcoin spot market for the 18th consecutive day. Yesterday the day ended with $1.6 billion of trading volume on bitcoin, a trend also confirmed by the volumes of Bitcoin futures traded on the CME.

The current trend does not affect capitalization, which remains around 185 billion dollars. The dominance of Bitcoin gains decimal fractions reaching 66% market share, the highest level since the beginning of February. 

Ethereum drops to 8.2%, while XRP in recent hours recovers 4% dominance but remains at the lowest levels in recent months.

BTC 20200326
Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin continues to fluctuate around the $6,500 threshold, close to the highs of the last 10 days. But considering the high volumes traded, the break of $6,800-6,900 needs to happen as soon as possible. 

The 6,800-6900 points are the highest peaks recorded during the March 20th and 25th jumps. It is necessary to reach these thresholds as soon as possible because technically Bitcoin prices are close to the closure of a bi-weekly cycle that started with a double low recorded between March 13th and 16th. In case of correction, it is important for BTC not to go below $5,500.

ETH 20200326
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum also suffers from a more pronounced weakness due to today’s decline of 1% on a daily basis. On a weekly basis, ETH maintains a positive performance with a +5%, while BTC gains 15% on a weekly basis. 

Ethereum is particularly struggling with the rebound, unlike Bitcoin, so much so that the second pullback after the weekend lows fails to recover the previous relative highs by failing to exceed the $145 threshold

For Ethereum, being close to the end of a bi-weekly cycle, it’s important not to go below $115 in the next few hours and 2-3 days. A first positive signal supported by the volumes, not as lively as for Bitcoin, would be the break of 145 and the rise above $155. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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