Crypto Market Update 9th March: Bitcoin’s Surge to $70,000 Sparks Market Optimism and Altcoin Momentum

Today's market sentiment has been largely positive, with Bitcoin hitting a new all-time high of $70,199 on the Coinbase exchange. This impressive milestone was driven by a surge in investor interest and anticipation of declining global interest rates. However, the failure to sustain the breakout above $70,000 suggests that bears remain active at higher levels, indicating a potential struggle between buyers and sellers.

Despite  Bitcoin's positive market sentiment , the broader market saw mixed performance, with 82% of coins experiencing losses in the last 24 hours. However, amidst the volatility, select altcoins like Livepeer, Baby Doge Coin, and Coq Inu emerged as top gainers.

Bitcoin Price Analysis:BTC shows Resilience Above $68K

Bitcoin's price reached a new all-time high on March 8, but the long wick on the day's candlestick shows profit-booking at higher levels. While buyers remained dominant, profit booking at higher levels hinted at the presence of bearish pressure.Bitcoin prices have retraced to $68,633.15,a level that it has held in the last 12 hours.

If the bulls can kick and maintain the price above $70,000, the BTC/USDT pair is likely to soar to $76,000 and then $80,000. Conversely, if the price turns down sharply and breaks below $62,500, it could indicate profit-booking by short-term traders, potentially leading to a slide towards the 20-day exponential moving average ($59,727). The bears would need to push the price below this support level to suggest the start of a corrective phase.

Ethereum Price Analysis

Ethereum's price gained 0.83% to $3,931.55 at press time, with a market valuation of $472.14 billion. The trading volume for Ether also increased by 14.71%, reaching $24.76 billion. The Ether price turned upward after the correction on March 5 and broke above the overhead resistance of $3,822 on March 6, signaling the resumption of the uptrend.

The ETH/USDT pair could potentially rise to $4,150 and then to $4,375. If the price turns down from the overhead zone but finds support at $3,600, it will suggest that the rally may continue for some more time.

However, traders should be cautious as the Relative Strength Index (RSI) has been trading inside the overbought zone for several days, suggesting that the pair is ripe for a correction or consolidation in the next few days. The bears may gain the upper hand on a dip below the 20-day exponential moving average ($3,352).

Altcoin Performance

Among the major altcoins, the Binance Coin (BNB) price surged by 4.30%, reaching $489.40, while its 24-hour trade volume rose by 0.11% to $3.52 billion. The Solana price sustained above the $145 level, with a gain of 1.85% to settle at $146.83. 

However, Solana witnessed a 9.77% dip in trade volume to $5.36 billion in the last 24 hours. The XRP price traded beyond $0.62 amid the gains, recording a 0.48% increase to $0.6277, although its trading volume dipped by 3.41% to $2.08 billion.

The cryptocurrency market saw a mixed performance, with 82% of coins losing value in the last 24 hours. The top gainers were Livepeer (61.52%), Baby Doge Coin (48.80%), and Coq Inu, while the biggest losers were Bitget Token (-8.39%), DeXe (-5.61%), and Injective.