Bullish investors witnessed Bitcoin rising to an all-time high and then falling to its lowest within a week in the last week of February 2021. The increased stock market volatility has caused the prices of Bitcoins and other altcoins like Ethereum to plunge downwards in the previous few days.
On February 21, the value of BTC soared to its highest point till now by hitting $58,354.14 but then it fell by 26% and crashed to $46,000 last Tuesday. BTC’s value kept fluctuating throughout last week, providing a sigh of relief to Bitcoin traders on Wednesday when BTC’s price again went up to $50,000. However, Bitcoin closed on Friday at a lower price of $44,454.84. It further continued spiraling downwards, hitting $43,165.78 on February 28.
Bitcoin is displaying bearish tendencies in recent times as its value continues to decline in an unprecedented manner. According to financial analysts and crypto trading experts, the USD/BTC pair is likely to continue spiraling downwards up to $41,000 or $40,000. Financial analysis shows that BTC faces a major resistance near the $48,000 mark and then at $50,000 and $52,000 levels while trying to continue rallying upwards. However, it is also being estimated that it has some concrete support at $40,000 and $41,000 levels.
According to data analytics resource Glassnode, a complete reset of the Bitcoin SOPR (Spent Output Profit Ratio) has been observed. According to analysts, a total on-chain net loss of $243 million happened yesterday. The SOPR has now reset to the green indicator on the chart, which means that wallets are currently selling at a loss.
Meanwhile, Google Finance has upgraded the finance.google.com domain with a new section called “Crypto” under the “Compare Markets” category. Google Finance users can now easily view the prices of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash along with traditional stock market prices and fiat currency prices. So far, crypto traders and enthusiasts obtained cryptocurrency news from the two largest crypto-themed publications, Cointelegraph and CoinDesk. Google Finance users can now obtain first-hand information about cryptocurrency pricing from Google Finance’s new section with just one click. Thus, Google can help crypto traders track the performance of cryptocurrencies easily.
Experts predict that the month of March may continue to remain bearish for Bitcoins as it has been historically observed that March shows a sluggish growth rate for cryptocurrencies. On the basis of our Bitcoin price prediction, it can be said that a significant rise may be witnessed in the next quarter post-March.