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In my valuable article on monthly forecasts, I had mentioned that the price action in March would depend heavily on securities to support price dynamics. Although this part was more or less accurate, investors' reaction to the headlines took on a different tone. While anticipated events such as the conversion of Russian forex reserves into Bitcoin and the expectations for the launch of the CBOE ETF & Bakkt platform have not materialized in the market, investors have hardly reacted to certain securities. keys that could have caused a downward price break. The technical details seemed to support positive price action, as mentioned in the previous article, with Bitcoin posting solid overall gains for the month of March. The price action during the month of March 2019 appears to have been influenced by the speculative bets of retail traders and large-scale investors.
Negative titles have failed to create an escape
Investor confidence in the positive price recovery has influenced the new wave of positive bets. This created a cycle of dead cat bounce attempts with significant price corrective actions, all of which led to the bear win and strong bull run. Last month's price action created an image that clearly suggests that Bitcoin has found the bottom in the short and medium term and is now on a steady recovery recovery. Although a few key obstacles seem to have been overcome so far, many hurdles are yet to come from the long-term goal, which must be crossed for speculators to truly gain supremacy and that the market for Cryptocurrency really acquires the lost momentum that brought Bitcoin and other great heirs. cryptos to new heights of all time.
The Ethereum hard range seems to have had a positive result and, despite the initial caution of the global market as to the possible impact of the network upgrade market activity, has turned out to have a positive result. Several tests were carried out and precautionary measures were taken to avoid problems, but traders and the market quickly got used to the network upgrade because it was not the first platform for Ethereum network, which has allowed the market to continue its business as usual. With the bulls successfully overcoming the scenario and preventing the story from repeating itself, thus maintaining their gains and positive momentum, the bulls continued to reach new heights during the month of March. As indicated in my March Daily Forecast, the bulls appear to be getting stronger and more positioned in the territory after the rebound, with each scenario of dead cat bounce being given.
This allowed Bitcoin to get a firm take on support not only of USD 3,000 and USD 3,500, but also USD 3,800 and USD 3,900. Speculative transactions have resulted in a huge amount of cash flow within the cryptocurrency market. In fact, traders who routinely track volume data would have easily recognized that global trade volume had reached new heights since the cryptocurrency market began to decline in 2018. Reports indicate that Bitcoin's beginnings CBOE ETF & Bakkt were delayed at the end of March and that could be delayed even more does not seem to have had any impact on the market. More than US $ 2 billion has regularly circulated in the market for each dead cat bounce scenario, but trading volume has remained stable even though growth has not continued after reaching a new high of several months .
This is seen as a clear sign from the fundamental point of view, that the cryptocurrency market has finally found the bottom and is gradually rising towards a recovery recovery, although its progression is slow. At the same time, news that Bitcoin's mining bitumen has increased for the first time since miners began closing due to a lack of profit to support the activity was also seen as a decision. welcoming and providing the market with fundamental support. The increase in hashrate content is a clear sign that mining activity is resuming its growth. While all the weeds that wanted to ride the wave had disappeared from the market, those that were still in the cryptocurrency market were either loyalists or investors with a huge portfolio, knowing how the crypto market works. and wishing to leave a large part of their capital. the funds stay in place for an extended period of time above the prospect of high earnings.
Bitcoin at a critical moment, as Bulls tests critical price levels
The cryptocurrency market has even seen Bitcoin and traditional crypto coins fail to make a bearish break with the news that CBOE was closing its Bitcoin futures contract at the end of March due to the rise operational costs, the lack of profit and the volume of trade. While this move may be a blow to the market, it could cost the brand several billion if and when investors withdraw their funds from the market if cryptographic badets manage to contain bear attempts to derail earnings, Bitcoin and important legacies. Encrypted coins will see the market rise on the next stage of the upward movement. For much of the month, Bitcoin had managed to recover and trade more than $ 4,000 worth of dollars despite repeated attempts by bears to escape. Towards the end of the month, Bitcoin even surpbaded the $ 4085 mark, which was an obstacle for quite a while. In the future, the path with the least resistance seems to be on the rise as bulls continue to show the strongest response to price dynamics. The BTCUSD must break the $ 4100 mark followed by $ 4200 and establish a stable rally above the price levels mentioned for the pair to see an increase in cash flows and speculative bets that could push Bitcoin to the next bullish step with a goal of $ 5,000. In the coming month, Bitcoin must keep above $ 4,000 for positive actions to continue, while a drop below $ 4,000 will lead to a battle of attrition, the bears thus potentially reducing Bitcoins to US $ 3,800.
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