With the March 2 Bitcoin price analysis, we can say that Bitcoin went above $11,000 this morning, but returned to the level of 10,800 due to the low trading volume.
The crypto money that fell to $ 9304.68 last week and the % in the last 24 hours. With an increase of 5, it rose to $ 10,890 with a weekly increase of 19%.
If we look at the data on the CoinMarketCap site, in terms of trading volume, OKEx is the cryptocurrency exchange that trades at the highest level within the BTC/USDT (bitcoin-tether) parity. We see. When we look at the volumes, we see that the BTC/USDT parity is now 3 of the 10 most traded parities on the exchanges. Therefore, the reason for investors to use US dollars may be to not be affected by the declines due to low volume.
However, 24-hour trading volume is at $8.4 billion, the highest since February 21.. However, we can say that this number is still low compared to the average daily trading volume of $13.4 billion in January.
Bitcoin price analysis on March 2
Price analysis of the chart shows that while stagnant volumes are cause for concern, the upside shoulder-head pattern is more likely to break.
This chart shows the bullish 5-day MA (moving average) and 10-day The MA is signaling a bull market as it is above the 50-day moving average (MA). And finally, along with the chart on the relative strength index (RSI), BTC prices have also increased.
However, since the price increase was not due to strong volumes yesterday, a return was made from $ 11,189 to $ 10,900.
The bullish image turned neutral due to the drop from the daily highs of $11,189 to $10,900.
- Volume break above $11,610 (with reverse shoulder and head breakout), 17,000 – A rally may start up to $17,400.
- In the meantime, we can expect an uptrend as it will be a bullish move even if it sags below the possible support of $10,000.
- Looking at the negative scenario, we can expect a rally to approach $9,280.4. With the decline (February 25 low), a downtrend may begin to $6000-6500.
Coindesk
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