The crypto planet has faced the wrath of the tremors. As a result of which billions of funds have gone Houdini in a mere couple of hours. The implications of which have been hammering the sentiments in the business. Wherefore, the fear and greed index has metered down to extreme fear at a score of 20.
In the midst of turbulent market conditions, prevailing from geopolitical tensions. Folks are keen on the star crypto Bitcoin and its foot movements. Which has currently lost its $37,000 milepost, and is gripping onto current levels around $36,891. While investors and traders are anxious over the direction of price projection. A proponent from the industry sheds light on the possible bottoms for BTC price.
Is This Where BTC Price Is Heading This March?
The leader of the crypto town Bitcoin is presently trading at $36,891, which is down 6.2% over the previous day. BTC price has parted ways with its $37,000 threshold for the second time since the start of the month. The turbulence in the market coming amidst the fear of war, as things heat up between Russia and Ukraine has wooshed out over $100 B from the market cap of the industry.
Successively, Bitcoin’s market cap is presently hovering around $699.64 B, the market cap dominance however remains at 40.3%. Conversely, a proponent from the industry sheds light on the price projection of BTC. He believes that BTC to $35,000 now looks underway. Further selling pressure could push prices to levels around $33.5k.
That said, there are more supports at around $31,000 and $29,000. A fall from the $29,000 threshold, will push BTC price to a broader bandwidth between $25,000 and $20,000. The protagonist believes it to be nearly impossible for BTC to fall below $20,000. Which is learned from historical price metrics from the 200 Week MA.
Are The Metrics Chained With The Bears?
The majority of on-chain metrics of the star crypto have been in-line with the sentiments, projecting bland numbers. According to sources, the numbers of BTC addresses holding 0.1+ coins hit an ATH yet again of 3,330,103. The previous ATH was just the other day. BTC’s open futures interest hit a 4-month low of $1,964,512,575.51 on FTX, the previous low was during the market-wide crash on the 24th of January.
In succession, the number of BTC whales has hit an 18-month low of 1,771. Conversely, the amount of BTC supply is on a steady incline off-late. The amount of supply last active 3M-6M for 1D MA has peaked at a 1-month high of 1,414,564.105 BTC.
The amount of supply last active 3y-5y (1D MA) has also spiked to a 4-year high of 2,862,424.219 BTC. On the other hand, Bitcoin’s exchange outflow volume for 7D MA has just reached a 7-month low of $36,600,103.52.
Summing up, the market could continue moving sideways or could probably remain volatile until situations settle down. With the FED’s interest rate hike expected to arrive by March, traders and investors are anxious over its implications. However, since the crypto folks are now inkling more towards shorting over longing on exchanges. The bearish funding rate can cause liquidations that could further propel the price actions.
Source: https://coinpedia.org/bitcoin/bitcoin-price-may-crash-below-20000-by-the-end-of-q1/