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Bitcoin: a day of weakness due to the Fed
Bitcoin: a day of weakness due to the Fed
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Bitcoin: a day of weakness due to the Fed

By Federico Izzi - 17 Mar 2021

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A day of weakness for Bitcoin and cryptocurrencies, partly masking tensions ahead of the  Federal Reserve Chairman‘s conference in the coming hours. 

In recent hours, the rise in US bond interest rates brings back memories of what happened in late February and early March.

In the last few hours, US bond yields have returned to their highest level in a year, at 1.6%. 

Bitcoin is now considered a real hedging asset against inflation, and in the short term, it could be affected by the words of Jerome Powell this evening. 

coin360 20210317
Source: COIN360.com

Looking at what is happening to the rest of the altcoins, the day is once again predominantly red

Among the big names, the only move in the opposite direction was Cardano (ADA), which rose more than 20%, regaining $1.3 and moving up to the third place with a capitalization of around $41 billion.

ADA 20210317

The day was a slow one, as evidenced by the low trading volume of under $400 billion. 

The only exception is Cardano itself, which with just under $4 billion traded in the last 24 hours exceeds the $3 billion traded by ETH. 

Market shares remain unchanged from yesterday. 

DeFiPulse 20210317

The total value of DeFi remains above $43 billion, while the increase in ETH locked on decentralized projects continues, over 9.5 million pieces, the highest peak in the last 5 months.

 

BTC 20210317
Bitcoin chart by Tradingview

Bitcoin (BTC) weakness continues

Bitcoin is back within a step of the lows recorded yesterday morning, just above $54,000. The day sees little movement. The level to follow is $53,000, the low of yesterday, which coincides with the previous low of March 10th, forming short-term support. 

On the upside, the first level to watch is the $58,000 area. 

ETH 20210317
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum fluctuates between 1,750 and 1,850 dollars without giving different indications compared to what was reported in the previous update.

In the medium term, it is important for Ethereum to hold 1,650 dollars, the level where the dynamic bullish trendline that brings together the rising lows from the end of last December passes.

Despite the difficulties of these last 48 hours, for the medium term, the bullish structure of Ethereum remains solidly set to the upside. 

 

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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