. Daily Crypto Analysis -Cryptocurrency market surges, Bitcoin nears $70K.

Daily Crypto Analysis -Cryptocurrency market surges, Bitcoin nears $70K.

Daily Crypto Analysis -Cryptocurrency market surges, Bitcoin nears $70K.

08 Mar 2024

Introduction

Bitcoin (BTC) makes strides toward $70,000, displaying a resurgence in its bullish momentum and aiming to surpass the recent peak above $69,000. Bitget Exchange CEO attributes this upward movement to unwavering optimism and confidence among BTC holders. Meanwhile, XRP experiences a price dip to $0.62 amid significant profit-taking activities by holders, as the SEC vs. Ripple lawsuit deadline for the regulator’s remedies-related opening brief looms on March 22. Ethereum (ETH) stands out, surging above $3,900 and eyeing the $4,000 psychological level, driven by robust market factors. Dogecoin (DOGE) maintains a strong position at $0.15, showcasing a 20% weekly gain amid the prevailing meme coin trend.

Markets In Focus Today – BITCOIN

Bitcoin price approaches $70K as BTC holders demonstrate steadfast optimism.

Bitcoin price has reclaimed above $67,000 with the clear intention to retake its recent peak above $69,000. Bitget Exchange CEO cites steadfast optimism and unmatched confidence in BTC among community members. ETFs remain a key fundamental with BlackRock’s IBIT taking in a record-smashing $788 million on Tuesday. Bitcoin’s (BTC) price is edging north, recording higher highs since the onset of the week. The outlook, from a technical standpoint, points to a continuation of the intermediate trend, with a Bitget executive lauding BTC holders for their show of optimism and confidence.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63726.8391 | Positive Crossover | Bullish
  • MA 20 : 59737.8867 | Positive Crossover | Bullish
  • MA 50 : 53019.8112 | Positive Crossover | Bullish

Simple :

  • MA 10 : 64332.2780 | Positive Crossover | Bullish
  • MA 20 : 58415.8465 | Positive Crossover | Bullish
  • MA 50 : 50109.5032 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.9901 | Buy Zone | Bullish

Stochastic   Oscillator : 87.8685 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 63452.75 | Take Profit: 67503.21 | Stop Loss: 61022.47

RIPPLE

XRP price drops alongside mass profit taking by Ripple holders.

XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week. The deadline for the SEC vs. Ripple lawsuit for the regulator’s remedies-related opening brief is March 22. XRP trade volume observed a spike several times this week as on-chain activity in the altcoin peaks. XRP price dipped to $0.62 on Friday, sustaining above the psychologically important $0.60 level despite increased profit-taking activities from the altcoin’s holders. The altcoin is set to close the week with mild losses, correcting slightly from the recent price recovery, ahead of a key deadline in the long-standing SEC vs. Ripple lawsuit on March 22. XRP holders have taken $370 million in profits in the past week, since the beginning of March 2024. This could be one of the main reasons for the price correction seen in the last few days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6110 | Positive Crossover | Bullish
  • MA 20 : 0.5916 | Positive Crossover | Bullish
  • MA 50 : 0.5719 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6146 | Positive Crossover | Bullish
  • MA 20 : 0.5839 | Positive Crossover | Bullish
  • MA 50 : 0.5492 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.4704 | Buy Zone | Bullish

Stochastic   Oscillator : 67.9067 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.60 | Take Profit: 0.65 | Stop Loss: 0.57

ETHEREUM

Ethereum’s Surge Above $3,900.

In today’s cryptocurrency market, Ethereum (ETH) stands out with its trading price soaring above $3,900, a significant milestone since December 2021. The digital currency has witnessed an impressive 15% increase over the week, signaling a robust uptrend. As traders and investors navigate the volatile crypto landscape, here are the top factors contributing to Ethereum’s current performance. Ethereum (ETH) price is eyeing the $4,000 psychological level, a region last tested in January of 2022. Ether price could hit its target soon as two bullish fundamentals steer the Ethereum price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3611.2992 | Positive Crossover | Bullish
  • MA 20 : 3361.0249 | Positive Crossover | Bullish
  • MA 50 : 2952.0132 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3590.4780 | Positive Crossover | Bullish
  • MA 20 : 3306.4915 | Positive Crossover | Bullish
  • MA 50 : 2780.0162 | Positive Crossover | Bullish

RSI (Relative Strength Index): 85.5707 | Buy Zone | Bullish

Stochastic   Oscillator : 94.9050 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3801.49 | Take Profit: 4000.00 | Stop Loss: 3688.48

DOGECOIN

Dogecoin Price Prediction as DOGE Bulls Hold $0.15 Level.

Dogecoin (DOGE), is up 20% over the last week. That makes DOGE the only cryptocurrency in the top ten by market capitalization to realize double-digit percentage gains over the past seven days. Dogecoin price has shown incredible momentum and continues to climb after the previous week’s 78% rally. Considering the massive volatility surrounding meme coins, this DOGE move is not surprising. Considering the current outlook of the market where meme coins are ruling the trend, it isn’t surprising for DOGE to have rallied so much. However, the dynamics could change quickly when Bitcoin price sets up a new all-time high.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1465 | Positive Crossover | Bullish
  • MA 20 : 0.1279 | Positive Crossover | Bullish
  • MA 50 : 0.1058 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1485 | Positive Crossover | Bullish
  • MA 20 : 0.1179 | Positive Crossover | Bullish
  • MA 50 : 0.0957 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.5540 | Buy Zone | Bullish

Stochastic   Oscillator : 61.9664 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.161 | Take Profit: 0.187 | Stop Loss: 0.145

Elsewhere In The Crypto Market

Bitcoin is up (0.51%) at 67,270, Ethereum is up (1.71%) at 3,941.8, Litecoin is down (0.59%) at 87.66, Solana is up (1.51%) at 146.20, Dogecoin is up (4.19%) at 0.164.

Key Economic Events & Data Release Today:

(EUR) GDP (QOQ) (Q4) Actual 0.0%, Previous –0.1% at 05:00. (USD) Average Hourly Index (MoM) (Feb) Forecast 0.2%, Previous 0.6% at 08:30. (USD) Nonfarm Payrolls (Feb) Forecast 198K, Previous 353K at 08:30. (USD) Unemployment Rate (Feb) Forecast 3.7%, Previous 3.7% at 08:30. (CAD) Employment Change (Feb) Forecast 21.1K, Previous 37.3K at 08:30.