Bitcoin at a loss close to $53,000
Bitcoin at a loss close to $53,000

Bitcoin at a loss close to $53,000

By Federico Izzi - 16 Mar 2021

Chevron down

After yesterday’s sharp declines, weakness continues to prevail with Bitcoin still at a loss, while many of the altcoins are attempting to bounce back.

coin 20210316

All the big names are trading below par except for Ripple (XRP), which is up more than 8% and is back above 50 cents for the first time since February 23rd. Ravencoin (RVN) and Terra (LUNA) both rose more than 25%. In third place, Icon (ICX) took the last step on the podium, climbing 15% to near $2.

Yesterday saw an overall drop in volume but not for Bitcoin which traded over $16 billion on the major exchanges for the first time yesterday. This is the highest counter value in over four weeks. 

Despite the weakness of the last 48 hours, the total market cap remains above $1.7 trillion with Bitcoin once again giving up some of the ground gained in recent days, falling back below 61% dominance. Ethereum managed to stem some of the decline by climbing back above 12% market share. 

DeFiPulse 20210316

DeFi recovered to $43.5 billion. This is due to the return of users who choose to lock tokens on decentralized finance projects. For the first time since November, the number of locked ETH exceeds 9 million units. Bitcoin is also rising, with more than 34,000 tokenized BTC.

BTC 20210316
Bitcoin chart by Tradingview

Bitcoin (BTC), a 15% loss from records

The drop of the last few hours sees the price of Bitcoin return close to $53,000, marking a loss of about 15% from the absolute record of last Sunday, but without affecting the upward trend that began from the lows of late January. 

Despite the volatility that has returned in recent days, there are no worrying signs. In fact, only a break below 50,000 dollars would give the first bearish signal in the medium term.

ETH 20210316
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum, on the other hand, has been able to better counter the bearish push, stopping its descent at about 10% from the top of Saturday, March 13th. Ethereum’s long-term trend is also upward. Unlike Bitcoin, Ethereum’s bullish structure is better set in the long term, although the recent rise has failed to make new highs. 

For the price of Ethereum, the first sign of weakness would only come with a drop below 1,600 dollars. 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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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