Bitcoin bulls ‘hold back’ as BTC’s monthly futures expiry approaches

by Gordon James

Bitcoin (BTC) rose on the 18th. March briefly reached the $60,000 level as the stock market was spooked by rising US government bond yields.

Data from Cointelegraph Markets and TradingView shows that the price of bitcoin rose in the final hours of trading on March 17 and briefly broke through $60,150 before encountering general resistance.

4 hour chart BTC/USDT. Source: TradingView

According to Ben Lilly, analyst and co-founder of Jarvis Labs, the momentum of the stablecoin release has translated into good price action for BTC over the past two days. This contrasts with the rollercoaster action for new products from earlier this month. For Lilly, this indicates that parties interested in buying bitcoins have started to increase their activity as the market progresses.

Lilly noted that the options on 26 will expire soon. March stands out as something that could affect recent moves, as many traders are holding onto their gains from this expiration day, suggesting that trading activity could be muted until this day is over.

Open interest for BTC options on expiration. Source: Crouch.

Lilly said:

If that is the case – good Stablcoin flow and a strong decline – there is a good chance that new all-time highs will be made in the coming weeks. If the momentum continues in April, the race could reach the $100,000 mark by summer, which many are hoping for.

altcoins join therally

A large number of altcoins also advanced Thursday, thanks to new partnerships and strong prices.

ADA Cardano has attracted more attention over the past three days due to several new listings on the exchange, including its addition to Coinbase Pro on March 18. helped ADA’s stock price to a new all-time high of $1.48. The price increase also caused ADA to overtake Binance Coin (BNB) to become the third largest cryptocurrency in terms of market capitalization.

Other notable performances on the day included Theta, which rose 18% to a new all-time high of $8.35, and Linear Finance (LINA), which rose 175% to a new record following the announcement that it was now available for trading on Binance.

Daily indicators for the crypto-currency market. Source : coin360

Bitcoin bulls ‘hold back’ as BTC’s monthly futures expiry approaches

The total capitalization of the cryptocurrency market is currently $1.77 trillion, and bitcoin’s dominance is 60.9%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Every investment and every transaction involves risk. You should do your own research before making a decision.

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