Cryptocurrencies are trading in narrow ranges, reporting a slight decrease on Sunday. Bitcoin price is sliding slightly to 4,018 USD, while Ethereum is down to 136.78 USD. Litecoin also lost position below the resistance level of 60 USD, trading at 59.89 USD.
There is a buzz in the digital currency market today. The dominance of the world’s most dominant digital currency is drastically reducing. The dominance of Bitcoin just tested a new low which it hasn’t seen since August last year. The interest in Bitcoin had not been is lowest since April 2018. This has led many to wonder if we are in the quiet before the status quo or storm.
The dominance level of Bitcoin is now hovering around 50%. Bitcoin dominance is reducing because of the increasing competition in the market. More altcoins are emerging almost every day.
The total value of the cryptocurrency market is 140.007 billion USD.
Bitcoin price analysis
Last week there was a decent upward movement of the Bitcoin price above 4,000 USD. The cryptocurrency was traded above the 3,940 USD support level and finally overcame the resistance level of 4,000 USD.
Buyers pushed the price above the 4,020 USD resistance, and the new monthly peak was formed at 4,064 USD. However, buyers failed to keep profits above 4,020 USD, which led to a sharp drop below 4,000 USD. The price dropped sharply and broke support levels of 3,960 USD and 3,940 USD.
There was even a drop below the support of 3,900 USD and 100 SMA (4 hours). However, the buyers protected the 3,900 USD support and the price returned sharply over 3,940 USD. There was a breakthrough of more than 50% Fibo adjustment rate from the last drop from 4,064 USD to 3,869 USD.
The recent recovery was stable, but the price was facing a strong supply area close to the 4,000 USD resistance. The level of the final decline of the 61.8% Fibo adjustment rate from the last drop from 4,064 USD to 3,869 USD was also burdening the cryptocurrency price.
Bitcoin price is currently consolidating under the 4,020 USD resistance. Additionally, there is a short-term swinging trend line in place with a resistance of 3,990 USD.
A clear breakthrough over the trendline and 4,020 USD could open doors for a new upward move. On the downside, there is much support close to the 3,940 USD and 3,920 USD levels. There is also a decisive bustling trend line, forming support at 3,920 USD on the same chart.
The Bitcoin is downwardly supported near the 3,940 USD and 3,920 USD levels. While the price is over the support of 3,900 USD and 100 SMA, there are chances for a steady rise over the next sessions. Buyers can wait for a clear break above the resistance levels of 4,020 USD and 4,040 USD.
Bitcoin and Ethereum traders are heading for a new trend
Bitcoin and Ethereum investors are transferring cryptocurrency to interest-bearing accounts.
According to the latest report, the traders have already moved 35 million USD of Bitcoin and Ethereum into cryptocurrency accounts that bring interest to customers in BlockFi. The New York-based company is secured by a non-bank lender who offers credit-backed loans to asset owners who secure their loans with the cryptocurrency.
BlockFi launches Crypto Savings Accounts on March 5, offering a lucrative 6% annual interest rate that is paid monthly in cryptocurrency and combines to produce 6.2% annual yield.
This figure is particularly high compared to American banks, which have consistently offered lower rates over the years.