In Its Entire History, Bitcoin Has Only Spent 0.81% of Its Life Above the $60K Line

As of Sunday, March 3, 2024, bitcoin’s value persists in the $60,000 per unit vicinity, signaling the fifth instance this year that its price has sustained above this level. Naturally, as bitcoin’s value escalates, its duration above such thresholds shortens when contrasted with past significant milestones such as $30,000, $40,000, and $50,000. Bitcoin’s Price Discovery [...]

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Ethereum Breakdown: Analyst Eyes $1,200 Price Target

Following a period of intense price consolidation, the Ethereum (ETH) market experienced an eventful trading week that featured a damning rejection at the $2,100 price level which has emerged as a major resistance zone in recent times. Following this bearish development, analysts continue to speculate on the future of cryptos largest altcoin. Related Reading: Ethereum Price StrugglesIs Another Breakdown on The Horizon? Ethereums $2,100 Rejection Signals Further Decline, But How Low Can ETH Go? In an X post on March 28, a prominent market expert with X username Cryptododo7 provided valuable insights on Ethereums potential trajectory following its latest rejection at the $2,100 price zone. Via a technical analysis of the daily ETH/USD trading chart, Cryptododo7 hints that the ETH market sentiment is currently bearish suggesting a major downside in the coming weeks. Within the last six months, Ethereum suffered a breakdown from an ascending channel stretching to 2023. This negative development was initiated by the formation of a one-year-long double top as seen between 2024-2025. For context, a double top is a bearish reversal pattern consisting of two peaks that reach a similar level i.e. $4.100 in ETHs case, and are separated by a through resembling the letter M. The existence of a double-top formation since early 2025 has pushed ETH into a downward spiral during which the altcoins value has declined by 54% as it crashed below the lower boundary of its ascending channel. Following the latest rejection at $2,100, Ethereum seems less likely to re-discover its bullish form as its price now lingers around $1,870. According to Cryptododo7, Ethereum could undergo a sustained downtrend pointing to potential bearish targets around $1,130 – $1,200 based on the height of the now invalid ascending channel. Related Reading: XRP Price Eyes 20%v Move With Golden Pocket Appearance Ethereum Market Outlook Beyond technical indicators, the Ethereum market is being strongly influenced by Bitcoins market uncertainty and general macroeconomic factors. While the inauguration of US President Donald Trump marked a positive shift in US crypto policy as evidenced by the creation of the US Digital Stockpile Reserve among others, other administrative decisions on tariffs and international trade have negatively impacted the crypto market prices with investors selling their holdings in high-risk assets in fear of a global trade war. Looking forward, there is likely to be any stability on the macroeconomic front as talks of a potential economic recession continue to gain traction. At the time of writing, ETH was trading at $1,881 following a heavy 6.81% decline in the past day. ETH bulls must provide sufficient demand to break past the $2,100 to neutralize the current bearish prediction and perhaps ignite a market recovery. Featured image from Pexels, chart from Tradingview

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Bitcoin Nears $76,000 Target Amid Price Correction But Will This Support Hold?

Over the past week, Bitcoin has experienced a strong market correction with prices falling as low as $80,000. Based on a double top formation, Bitcoin is expected to head to $76,000 before re-establishing an uptrend. However, market analyst Cryptododo7 has indicated the possibility of a lower market bottom. Related Reading: Bitcoin Miners Are Hoarding Their Crypto Despite PlungeHeres What It Means Bitcoin Bears In Control: Will $67,000 Emerge As Ultimate Support Level? The Bitcoin market fell under siege in the last week with total liquidations reaching $670 million. During this period, the assets crashed by over 15% from an opening market price of $95,000 confirming the formation of a double-top pattern. For context, the double top is a bearish reversal chart pattern that appears after an uptrend. It consists of two peaks at a similar price level, separated by a pullback. This formation is well represented by Bitcoin’s price at $108,000 in December and $109,000 in January separated by the price correction in late December. Amid the falling prices in the past week, Bitcoin dipped below the double top neckline level at $91,500 confirming a price reversal. In accordance with the bearish signal, Bitcoin is expected to return to $76,000 around which it embarked on its price rally to its initial peak at $108,000. However, Cryptododo7 explains there is potential for BTC to rapidly drop to its maximum Fibonacci level at $67,000 which would serve as the support level with no further downside. In gauging the eventual ultimate Bitcoin support level, Cryptododo7 notes that market reaction at $73,000-$76,000 will be quite important as strong buying pressure at this level could result in a sharp price rebound. Related Reading: Dont Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Heres Why BTC Active Addresses Rise Amid Price Fall In other news, blockchain analytics firm IntoTheBlock reports that the number of Bitcoin active addresses is increasing despite the ongoing price fall.  Notably, this metric has reached its highest daily level since December 2024 suggesting a significant surge in on-chain activity.   Historically, such developments usually occur at major market turning points i.e. either peaks driven by new entrants rush or bottoms due to panic selling and opportunistic buyers. According to IntoTheBlock, this surge in on-chain activity could indicate that the BTC market could be at a crucial turning point, however, investors should note that no single metric guarantees a price reversal. At press time, BTC trades at $84,961 with a 2.54% increase in the past day. Meanwhile, daily trading volume is up by 13.69% and valued at $71.43 billion. Featured image from iStock, chart from Tradingview

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