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Bitcoin: weakness is back
Bitcoin: weakness is back
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Bitcoin: weakness is back

By Federico Izzi - 4 Mar 2021

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Yesterday’s rise has been cancelled out by the return of weakness which now prevails for Bitcoin, Ethereum and over half of the major coins. 

XRP 20210304

Among the big names, Ripple (XRP) is showing a weak bullish sign as it attempts to recover from 47 cents on the dollar. Uniswap (UNI) is shining, rising more than 8%, benefiting from the excellent momentum of DEXs, which continue to record growing trading volumes. 

Total market capitalization remains above 1,500 billion with Bitcoin confirming its 60% share of the entire sector. It is followed by Ethereum at just under 12% and Cardano which consolidates its third position in the list of the most highly capitalised. 

DeFiPulse 20210304

The total value locked in DeFi is back above $40 billion with the number of ETH rising again to above 8,600 ETH locked in decentralized finance projects, the highest peak since mid-November.

BTC 20210304
Bitcoin chart by Tradingview

Bitcoin (BTC), weakness prevails

Bitcoin fails in its attempt to conquer the $52,000 mark, slipping back below the psychological threshold of $50,000. Weakness continues to prevail in the medium-term trend, which aligns with the closure of the two-month cycle as already indicated in recent days hypothesized at the turn of March.

It is useful to continue to follow with detachment the trend of prices that could undergo shocks with rises above $53,000, the highs reached in the last 10 days, or down the lows of the last weekend, namely the $43,000 area. 

ETH 20210304
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum follows a similar trend where weakness still prevails despite yesterday’s attempts to rally above $1,650

The resistance that has been repeatedly indicated as an important operational level in recent days confirms its importance and remains a level to be monitored for the rest of the week.  

 

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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