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Bitcoin in recovery rises above $52,500
Bitcoin in recovery rises above $52,500
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Bitcoin in recovery rises above $52,500

By Federico Izzi - 3 Mar 2021

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The price recovery continues with Bitcoin sustaining the rise. Among the big names, it is the best rise of the day, with a gain of over 3% and a quotation that is back above $52,500, the highest level since February 23rd.

coin360 20210303
Source: COIN360.com

For the rest of the sector, the day was balanced with Ethereum (ETH) hovering around 1%. Litecoin (LTC) also did well, rising 1% to $190. The other major altcoins, Cardano (ADA), Binance Coin (BNB) and Polkadot (DOT) are below par. 

BAT 20210303

The day’s best performer is Enjin Coin (ENJ) which stands out with a jump of over 30%. Basic Attention Token (BAT) follows with +15%.

The market cap remains above 1,500 billion dollars but volumes are still not convincing. Overall, total trades remain above $500 billion, average for the last seven days but far below the peaks recorded in the penultimate week of February, when all-time highs were recorded. 

DeFiPulse 20210303

Total assets in decentralized finance are back above $40 billion. The return above this psychological threshold is due to the appreciation of Bitcoin. Indeed, the total number of both BTC and ETH remains pegged at the levels of recent days.

BTC 20210303
Bitcoin chart by Tradingview

Bitcoin (BTC) recovery

Bitcoin is back above $52,000 for the first time in just over a week. The short-term trend remains weak, although fears of further declines in the medium term are being absorbed. 

For the next few days, it is necessary for prices to remain above $44,000, while on the upside a push into the $54,000 area accompanied by volumes could anticipate the closure of the current two-month cycle estimated for the second half of March.

ETH 20210303
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum with the recovery of $1,650 tests the threshold of 25% of the retracement of Fibonacci now become static resistance where the former dynamic support also passes. 

On the downside, for the next few days, it is important to hold the $1,300 mark, the lows recorded last weekend. 

 

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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