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Bitcoin’s value drops $43K, but there are still hopes for a “new run” for the BTC price

The overnight dip is not being interpreted as a pause in Bitcoin’s week-long climb.

Bitcoin (BTC) dropped from March 3 highs above $45,000, but traders’ anticipation for further higher remained intact.

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At $43,000, “liquidity is taken.”

BTC/USD temporarily fell below $43,000 on Thursday, according to data from TradingView.

The reset was widely anticipated, capping a multi-day rise in which the pair gained $10,000 in a single week.

“Bitcoin saw a brief decline after regaining liquidity.”

“It appears as though we’re headed for another run to the highs, as the correction is not as rapid as it usually is.”

The annual opening price of little above $46,000 was the focus, as was order book resistance above $48,000.

Meanwhile, accumulation continued, with smaller investors becoming increasingly interested in purchasing at current levels.

“The little fish are stacking Sats like there is no tomorrow,” Ecoinometrics observed with a graphic depicting this week’s purchasing behaviour.

 

image 2022 03 03T11 55 19 393Z

 

Altcoins retain a greater degree of volatility.

Despite this week’s overall positive performance, none of the top ten cryptocurrencies by market capitalization were trading in the red on daily timescales at the time of writing.

While BTC/USD was down approximately 1.8 percent, big altcoins fared worse, headed by Solana (SOL) and Cardano (ADA), which both fell more than 5%.

Ether (ETH), the largest altcoin by market capitalization, fell 3.5 percent to fall below the $3,000 mark, a level that had failed to establish meaningful support.

“The markets have remained quite stable. At the moment, there is little interest in cryptocurrency. On all social media platforms, engagement is low “Van de Poppe went on.

“Ethereum gas fees are quite inexpensive. Those are the instances when you should actually begin paying attention, as they present chances.”

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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