Bitcoin’s price in the market recently experienced a drop of over 2%, and current indicators suggest a potential slight decline before gaining bullish momentum. Despite the recent bearish trend, several key factors might indicate an upcoming rally. Bitcoin’s price decreased by more than 2% over the past week, and at the time of writing, it was trading at $67,674.15, with a market capitalization exceeding $1.33 trillion. A crucial support level for BTC is at $66,000, and the coin is trading above this level, which is a positive sign. Additionally, there have been 13 consecutive positive ETF inflows, supporting a bullish outlook. The binary CDD indicator shows lower-than-average movements by long-term holders, indicating stability. However, there are also bearish signals. Higher net deposits on exchanges suggest increased selling, and the aSORP indicator shows that more investors are selling at a profit, which can signal a market top. The Fear and Greed Index is currently at 72, indicating high greed, which often precedes a price correction. On the other hand, the Pi Cycle Top Indicator suggests Bitcoin’s price is near its 111-day moving average, indicating a possible rebound. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) show declining trends, hinting at a short-term price drop before a recovery. Overall, Bitcoin may experience a brief decline but is gathering momentum for a potential bullish rally in the near future. Source: AMB CRYPTO 

Crypto analyst Crypto Jelle has observed that Bitcoin is holding a strong bullish flag pattern despite a wave of massive BTC transfers from the now-defunct Mt. Gox exchange. Mt. Gox transferred around 141,000 BTC (worth $9 billion) to an unknown wallet address, which is seen as an encouraging sign that Mt. Gox creditors may eventually get their funds back. The large-scale transfers led to a brief 2% dip in Bitcoin’s price to around $67,500, but it has since recovered back above $68,000. Crypto Jelle noted that Bitcoin’s price action remains rangebound, but if it can break above $70,000 again, it will turn strongly bullish. Despite the overall bearish momentum in the crypto market, Crypto Jelle believes a strong recovery for Bitcoin is still anticipated soon. Before the Mt. Gox transfers, Bitcoin was trading around $70,580, but is now at $67,581, a 0.33% decline in the last 24 hours. In summary, the massive Mt. Gox BTC transfers have not significantly impacted Bitcoin’s bullish technical structure, with analysts still optimistic about a potential breakout above $70,000 in the near future. Source: BITCOINST

The altcoin market has seen significant gains recently, with the total market capitalization surpassing $1.1 trillion. This suggests the potential for an ‘altseason‘ – a period of rapid price increases across altcoins. Technical analysis indicates an inverse head-and-shoulders pattern forming in the altcoin market. If altcoins can break through this pattern, analysts predict the altcoin market cap could potentially triple. Traders like Trader Tardigrade, Rekt Capital, and Yoddha have all expressed bullish sentiments, anticipating an “insane pump” in altcoin prices if key resistance levels are overcome. The altcoin market dominance is also showing signs of increasing momentum, particularly as Bitcoin’s dominance has dipped. This suggests capital could flow from top-tier coins into the broader altcoin market. Overall, the technical setup and analyst predictions point to the possibility of a major breakout and surge in altcoin prices, if they can overcome current resistance levels. However, the article notes that this is still just a prediction, and the actual market performance remains to be seen. Source: AMBCrypto

Ethereum price in the market is moving higher and consolidating around $3,850, eyeing a breakout above $4,000 in the near term. Ethereum (one of the top 10 altcoins) has formed a bullish trend line with support of around $3,780 on the hourly chart. It is trading above the $3,750 resistance and the 100-hourly SMA. The next major resistance levels are $3,920 and $4,000. A break above $4,000 could lead to further gains toward $4,080 and $4,220. However, if Ethereum fails to clear the $3,880 resistance, it could see another downside correction. Initial support is at $3,800 and the trend line, followed by $3,735 and $3,540. The hourly MACD is gaining bullish momentum, while the RSI is above 50, indicating positive signs for Ethereum’s price action. In essence, Ethereum is positioning for a bullish breakout if it can clear the $3,880-$4,000 resistance zone, but faces the risk of a pullback if it fails to do so in the near term. Source: NEWSBTC

Crypto analyst Capt Toblerone has predicted that Dogecoin (one of the top 10 altcoins) will experience a 30% price drawdown from its current level, with the next “reload area” being around $0.108. He believes Dogecoin could then rally 1,300% from that level, potentially reaching as high as $1.50.   This prediction aligns with other analysts who believe DOGE could reach $1 in the current cycle, given its past parabolic moves in bull markets. However, analyst Pav Hundal suggests that some DOGE holders who bought at the previous market peak may look to take profits once the coin hits a new all-time high, which could hinder its ability to reach $1. Crypto analyst CrediBULL Crypto has also predicted that DOGE could drop as low as $0.10, though he expects a relief pump to around $0.18 first, which he plans to short. CrediBULL Crypto believes other major meme coins like Pepe (PEPE) and Dogwifhat (WIF) are also likely to see significant price drops after their recent rallies. At the time of writing, DOGE is trading around $0.16, up over 4% in the last 24 hours. Source: BITCOINST  

Bitcoin returning to the $73,000 price range could mark the beginning of the asset entering an “escape velocity” phase, according to crypto analyst James Check. “Escape velocity” refers to the minimum speed needed for an object to escape a gravitational field without further propulsion.  Applied to Bitcoin, it suggests the asset could start accelerating higher. Check’s analysis looks at the short-term holder (STH) Market Value to Realized Value (MVRV) metric, which suggests the market is not yet in an “overstretched, overbought, and over-saturated” euphoric phase.  However, the $73,000 price point is where many STH wallets (less than 155 days old) are now in “sufficient profit”, which could lead to some selling pressure and resistance in the short term. Other analysts agree the market has not yet reached a state of euphoria, with one noting “Bitcoin is at $70k and there is little excitement and no euphoria.”  Bitcoin could reach its peak price before March 18, 2025, based on one analyst’s projection that it will hit the top within the next 300 days from its current consolidation range. Source: COINTELEGRAPH

In recent crypto news, Bitcoin has surpassed $71,000, reaching its highest level in over five weeks, driven by increased inflows into Bitcoin spot ETFs.  Ethereum (one of the top 10 altcoins) has also experienced a surge of 19% in price, fueled by speculation about the potential approval of ETH spot ETFs by the US SEC. The total cryptocurrency market capitalization has risen by 8.40% to $2.74 trillion, indicating increased value.  The Fear and Greed Index has reached 76 out of 100, signaling extreme greed and strong buying activity in the market.  The total crypto market volume in the last 24 hours has surged by 142.82% to $131.7 billion. DeFi volume stands at $10.03 billion, comprising 7.61% of the total market volume. Stablecoins dominate the market with a volume of $121 billion, representing 91.88% of the total market volume. Bitcoin’s dominance currently stands at 53.68%, a decrease of 0.79% over the day. Other notable news includes Ethereum’s potential ETF approval, Gala Games’ security breach, the SEC opposing Ripple’s motion to seal evidence, and U.S. senators nullifying the SEC’s rule on banks and digital assets.  Additionally, there have been significant inflows into crypto investment products, driven by easing inflation and interest rate expectations. A former Finiko executive has been sentenced to three years for involvement in a $55 million Ponzi scheme. Source: COINGABBAR

Bitcoin’s price in the market has surged past $67,000 for the first time in a month, leading to increased optimism among investors.  The sentiment surrounding Bitcoin has become the most bullish since January, as indicated by Santiment’s “Weighted Sentiment” metric, which tracks social volume and sentiment score.  However, there are concerns about the sustainability of the rally due to the fear of missing out (FOMO). Chainlink (LINK), another major cryptocurrency, is also experiencing bullish sentiment, leading to debates about the start of the second leg of the bull run.  It is important to keep FOMO under control to ensure a sustained rally and potential push towards the $70,000 mark. The recent price surge and shift in sentiment paint an intriguing picture for the future of Bitcoin and the broader cryptocurrency market.  However, it’s worth noting that Bitcoin’s price is still highly volatile, and a downturn in the stock market could dampen its momentum. Source: DAILYCOIN