Cryptocurrency Market: Bitcoin and Ether Recover, Shiba Inu and Chainlink Experience Minor Dips

Crypto enthusiasts have been closely monitoring Bitcoin’s movements, particularly after a recent period of correction. On Thursday, March 7, Bitcoin managed to edge up slightly, registering a gain of 0.12 percent and reaching a trading value of $65,002 (roughly Rs. 53.8 lakh). This uptick marked a positive turn for Bitcoin, which had experienced a brief pullback in its price. Over the course of the last day, Bitcoin saw its value increase by $1,297 (roughly Rs. 1.07 lakh), signaling renewed interest and stability in the market.

The positive momentum wasn’t confined to Bitcoin alone; the broader cryptocurrency market also witnessed a notable rebound within the same 24-hour period. Ether, the second-largest cryptocurrency by market capitalization, saw a significant price rise of 6.69 percent on Thursday, reaching $3,505 (roughly Rs. 2.90 lakh). At one point during the day, Ether even reached a yearly high of $3,900 (roughly Rs. 3.22 lakh) before experiencing a slight retracement to its current trading price. This resurgence in Ether’s value reflects a broader optimism and renewed investor confidence in the cryptocurrency market.

Despite the gains, both Bitcoin and Ether face key resistance levels in their upward trajectories. Bitcoin, in particular, encounters a significant resistance zone around $69,000 (roughly Rs. 57.1 lakh), although it finds support from the 50-day Exponential Moving Average (EMA), suggesting potential stability in the near term.

Meanwhile, Ether sets its sights on surpassing the $4,100 (roughly Rs. 3.39 lakh) mark, with robust support from the 20-day EMA on the four-hour chart. These technical indicators provide insights into the potential paths for Bitcoin and Ether in the coming days, as traders and investors navigate the dynamic cryptocurrency landscape.

Bitcoin, that underwent a small price correction period recently, has returned to the profit-side of the crypto chart. On Thursday, March 7 Bitcoin minted a small gain of 0.12 percent that took its trading value to $65,002 (roughly Rs. 53.8 lakh). Over the last day, the value of BTC has spiked by $1,297 (roughly Rs. 1.07 lakh). Not just Bitcoin, but in the last 24 hours, the overall cryptocurrency market witnessed a notable rebound following the recent downturn.

Ether is presently trading at $3,505 (roughly Rs. 2.90 lakh) after seeing a price rise of 6.69 percent on Thursday. In the last few hours, Ether did touch a yearly-high of $3,900 (roughly Rs. 3.22 lakh) before receding to its current pricing.

“BTC faces a key resistance zone at $69,000 (roughly Rs. 57.1 lakh), although it remains supported by the 50-day Exponential Moving Average (EMA) indicating potential stability. On the other hand, ETH is eyeing the $4,100 (roughly Rs. 3.39 lakh) level as its next resistance, with strong support from the 20-day EMA on the four-hour chart,” the CoinDCX market team