The market correction in Bitcoin and other altcoins persisted over the weekend, but the broader crypto price metrics remained neutral.
The Bitcoin rally of the last few weeks met with stiff resistance during the weekend. A correction in Bitcoin also impacted other altcoins, which shed losses. But amidst the sell-offs, overall crypto price metrics did not enter a bearish phase. For instance, Bitcoin was still trading well above its 20-day moving average. Secondly, the dip was gradual and not a sudden decline like one after panic sell-offs
Crypto traders could have booked profits in a staggered manner, which likely led to the market correction. However, if long-term investors notice a buying opportunity soon, the Bitcoin rally could again see a resurgence. Moreover, tokens like SOL and BNB are still trading with net positive weekly gains.
At the same time, wealth management firm Cetera has added spot Bitcoin ETFs to its platform. The move could result from institutional investors’ firm belief in crypto.
An official of the firm stated, “We will continue to proactively evaluate the implications of Bitcoin ETFs and related products and modify our policies accordingly, and we look forward to partnering with our financial professionals to adopt Bitcoin ETFs when appropriate with their clients.”
Finance professionals will start receiving the due training of the ETFs from this month.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,000 on March 17, 2024, with BTC/USD trading lower by a margin of 5.8% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.28 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (62,093.00), as BTC’s 24-hour volume was at around $52 billion. The global crypto market cap decreased by around 7.39%, trading above $2.44 trillion. BTC’s year-to-date returns are at 61.78%.
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