Although #Bitcoin has experienced a pullback in the current week, an expert analyst thinks that the uptrend is not over yet.
Various on-chain data obtained on March 23 show that whale wallets are starting to slow purchases and pass the risk to individual investors. This move caused Bitcoin (BTC) to drop below the key psychological level of $ 54,000. Thus, BTC has tested the $ 54,000 level for the second time this week.
🚨Is The Uptrend Continuing?
Although experienced investors and investors who have just joined the cryptocurrency ecosystem see the recent downtrend as the beginning of a downtrend, experienced investors state that BTC is still in an upward trend.
For example; Michaël van de Poppe, one of the market's popular analysts, sees the recent decline as a bullish trend for Bitcoin.
On the other hand, data from #CryptoQuant, an on-chain data provider, shows that a total of 14,600 BTC left #Coinbase in the early hours of March 23 . Investors typically view BTC exits as a bullish trend. Because the perception of the decrease in supply is considered a popular bullish narrative among crypto experts.
In addition, the BTC exit in the stock markets is interpreted as whales are expected to rise. An analysis by Whalemap also shows that there is a dense accumulation of $ 55,000. However, researchers also caution that if the current support level fails, the next strong support level is $ 47,438.
🚨Bitcoin Fall and Altcoin Rally
Although many altcoins are moving with the leading cryptocurrency, some altcoins have managed to move independently of Bitcoin. Because it was announced that some cryptos will be listed on Coinbase. With this news, Ankr (ANKR), Curve DAO Token (CRV) and Storj (STORJ) price rose between 50% and 100%.
In addition to these, Theta (THETA) and Theta Fuel (TFUEL) were among the cryptos that showed upward performance after the positive news emerged.