Bitcoin prices are trying to recover, financial markets are caught in instability, Ethereum is on the ropes, and Bitcoin’s hash rate is at an all-time high. The market analysis by the Bitwala Trading Team.
After falling 16 percent in the past week, the Bitcoin rate is now trying to recover. The Bitcoin price has dropped below the critical moving average of the past 20 weeks, but was able to close above it. Even if it rose by 6 percent on March 2, there is still uncertainty on the market. The trading volume is low, however, and the indicators are giving bearish signals. In the daily chart, we can see a weak bearish divergence on the RSI, the Lucid SAR indicator is pushing the Bitcoin price from above, the EMA band is serving as resistance and the MACD is moving on thin ice.
But not only the Bitcoin price has been struggling lately, the stock market has collapsed dramatically. The S&P 500 fell 15 percent and the Dow Jones Industrial fell over 16 percent, making last week the worst week since the 2008 financial crisis. Markets have now started to recover from the corona virus panic as governments and central banks have pledged to help the global economy and ensure financial stability in the event of an even larger virus outbreak.
Ethereum: Indecisiveness determines the picture
Ether is traded right in the middle of the EMA band, so a breakout on either side can be critical. At the moment, however, it has no supportive effect.
Since the $ 230 resistance has not been overcome, the bears are back in control and could push the price down to $ 210. Since the Relative Strength Index is stuck in the middle and the trading volume is low, this shows the current indecisiveness of market participants at the moment.
Bitcoin hash rate record
On the positive side, meanwhile, Bitcoin reached a new record hash rate at 136.2 EH / s on March 1st.