The price of the leading cryptocurrency rose to a local high of $43,361 (Binance), in line with early-March levels.
The chart below shows the up move was accompanied by a surge in trading volume. At the time of writing, BTC was trading around $42,390.
Analysts at Glassnode concluded that the main buying pressure comes from users in the US and the EU. Asia-based traders are predominantly selling the digital gold.
Over the course of this #Bitcoin drawdown, buying pressure has been mainly during US and EU trading hours.
Meanwhile, the majority of sell-side pressure has occurred during Asian market hours, suggesting a divergence in regional strategy.
Read more👇https://t.co/cyTLZGHR1u pic.twitter.com/mJGGloo1t4
— glassnode (@glassnode) March 21, 2022
Ethereum has yet to hold above the round-number level — the crypto asset is trading around $2,985.
Over the last seven days, Bitcoin rose 7.1% and Ethereum 15.2%, according to CoinGecko.
Over this period, Avalanche rose 27.9% and Cardano 16.6%.
The market cap of the cryptocurrency market reached $2.02 trillion, according to CoinGecko.
Earlier in March, Nigel Green, head of the DeVere Group, forecast bitcoin to rise to $50,000 during March.
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