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Bitcoin (BTC) Price Analysis for March 14

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Sun, 14/03/2021 - 14:27
Bitcoin (BTC) Price Analysis for March 14
Cover image via www.tradingview.com

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The last day of the week has turned out to be bearish for the cryptocurrency market. All coins from the top 10 list are in the red zone.

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Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the dominance rate of Bitcoin (BTC) has increased over the last few days and is now at 62.1%.

BTC’s market share
BTC's market share

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $1,117,288,647,373

  • Price: $59,909.63

  • Volume (24h): $49,572,866,971

  • Change (24h): -0.22%

The data is relevant at press time.

BTC/USD: Can bulls hold the $60,000 mark?

Even though the rate of Bitcoin (BTC) is almost unchanged since yesterday, the price change over the past week is +18%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is about to restest the MA 50 that is located in the area around $59,000.

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Bulls might show strength there as the selling trading volume remains low.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the drop may be even more profound to the nearest mirror level at $58,100 if bulls fail to save the support around $59,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the long-term perspective, the crucial level is the support at $57,500. There are high chances of seeing a bounceback there due to a high level of focused liquidity.

Bitcoin is trading at $59,900 at press time.

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