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⚡Decoding Bitcoin's March Moves💰

Croxroad

04 Mar 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🏆 Marching Through History

BTC, the leading cryptocurrency by market cap, was aggressively bullish in February as the price jumped from $42279 to $46000 to register 51.4% growth. However, the digital asset witnessed a surge in volatility entering March as the overhead supply at $64000 stalled the recovery momentum. The consolidation trend in the weekend reflects the formation of a bullish continuation pattern called Pennant. The ongoing recovery trend in Bitcoin faces supply pressure at $64000 evidenced by the long-wick rejection candles. The overhead selling has shifted the BTC price sideways, along with major altcoin indicating the market sentiment of post-rally consolidation.

An analysis of the 4-hour time frame charts this lateral movement is confined within two converging trend lines predicting the formation of symmetrical patterns. The chart provides a temporary breather for the asset to regain strength for the next leap. Moreover, recent data from Coinglass shows Bitcoin’s monthly returns from 2013 to 2024. Analysing the March performance specifically, the trend appears mixed, with positive returns in five out of the eleven years listed. The returns for March have seen significant fluctuations, ranging from a high of +172% in 2013 to a low of -32.85% in 2018. However, the average March return over these years is +12.20%, and the median is -1.11%, indicating that assets remain slightly on a positive note. The presence of both high positive and negative returns in March suggests a lack of consistent trends during this period, making it challenging to predict future performance based solely on historical data.

Will Bitcoin Price Rise to $75,000?

Currently trading at $62802, the Bitcoin price teases a bullish breakout from the upper boundary of the pennant chart pattern. A successful breakout with a 4-hour candle closing will signal the continuation of the prevailing trend. If the pattern holds true, the Bitcoin price is likely to chase a potential target of $66655, followed by $75,000.

🧋 Bitcoin's Weekend Wobble

So, check this out – on Sunday, Bitcoin's chillin' at $62,000, taking a tiny dip of 0.10%. Now, the big talk is all about predicting where the Bitcoin rollercoaster is gonna go, especially with all these new rules and buzz in the market.

Over in the UK, they're ramping up crypto rules with the Economic Crime and Corporate Transparency Act of 2023. It's like giving authorities superhero powers to snatch up crypto tied to shady stuff without even needing a conviction. They can freeze and maybe even zap crypto in wallets and exchanges. Plus, they’re eyeing crypto staking and stablecoins – like they're setting the stage for some crypto blockbuster.

And hold up, Marathon Digital is throwing a party with their Anduro platform. It's like a next-gen playground for Bitcoin, creating sidechains and teaming up with Ethereum. They're out here making Bitcoin even more versatile. Imagine merging mining, less fees, and a cosy spot for Bitcoin – sounds like the cool kids' table in the crypto cafeteria.

Meanwhile, in Nigeria, they're setting the record straight – no $10 billion fine for Binance. It’s like the classic case of 'he said, she said.' Binance hit pause on peer-to-peer naira transactions, though, thanks to a bit of regulatory side-eye. It's a wild ride, but despite Nigeria loosening up on crypto transactions, uncertainty still hangs in the air. You know, like when you're not sure if your favourite band is gonna play an encore.

Now, onto the Bitcoin party – it's floating around $61,915, down just a bit, but still rockin' a $1.2 trillion market cap. Tech-wise, it's hitting resistance levels like a pro skater hitting ramps. And hey, there's this new crypto called Green Bitcoin – it’s like Bitcoin’s eco-friendly sidekick. They're launching a presale, gamifying staking, and even throwing in bonuses for being green. It's like investing in a feel-good, eco-responsible future.

🧑‍🚒 Trustless and Permissionless

Web 3.0, the next-gen internet, is shaping up to be a game-changer. Built on open source software, it's all about being trustless and permissionless. No need for middlemen – folks can interact directly, no strings attached. Picture this: a world where everyone can dive into the digital playground without needing a golden ticket from some higher-up.

In the Web 3.0 universe, applications are like rebels, running wild on blockchains or peer-to-peer networks. They’re called dApps, short for decentralised apps. It's like breaking free from the traditional online norms, where power isn't held by a few but spread across the community. So, Web 3.0 isn’t just an upgrade; it's a whole new internet vibe where trust and permission take a back seat, and decentralised apps take the wheel. Get ready for the digital revolution!