Bitcoin consolidating above $62k as bull market indicators start flashing

The crypto market has entered March with its foot firmly on the accelerator regardless of exhibiting indicators of a slight slowdown from its latest speedy ascent.

Bitcoin (BTC) has continued to hover across the $62,000 mark, showcasing a resilient stance amid various market sentiments after its outstanding rally previous the $60,000 threshold to a excessive of $64,000 on the finish of February.

BTC was buying and selling at $62,130 as of press time, with a market cap of $1.22 trillion, primarily based on CryptoSlate knowledge.

The bullish momentum raised expectations for March, hinting at the potential of an much more outstanding rally. Nevertheless, the market has momentarily slowed down because it consolidates good points earlier than doubtlessly shifting increased.

On-chain knowledge reveals the soundness is a results of robust investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC throughout the $60,000 to $62,000 value vary. This “accumulation zone” suggests potential future assist for the flagship crypto.

Market cap near ATH

Regardless of the slight deceleration in buying and selling over the weekend, the broader crypto market’s worth has soared, with the whole market capitalization reaching a brand new milestone of $2 trillion on Feb. 27 — a degree not seen since April 2022.

As of the start of March, the market cap stands at a powerful $2.34 trillion, marking a major improve from the earlier yr. This development signifies renewed investor confidence in digital belongings, pushing the market nearer to its all-time excessive cap of $2.4 trillion recorded in December 2021.

The momentum means that the market is on a trajectory to doubtlessly hit the much-anticipated $3 trillion mark within the medium time period. Regardless of a 20% lower in buying and selling quantity throughout platforms, the $87 billion determine nonetheless signifies a bullish market paying homage to previous highs.

The altcoin sector has notably contributed to the market’s total efficiency, with cash similar to Solana (SOL) outperforming different high ten tokens.

The diversification in good points amongst altcoins, together with notable performances by meme cash like PEPE, signifies a market ripe with alternatives for traders wanting past Bitcoin — one of many early indicators of a bull market.

Bull market indicators

The market’s surge to earlier highs has induced a number of bull market indicators to start flashing weeks earlier than the Bitcoin halving, in distinction to earlier cycles the place they solely got here into play after the halving.

Coinbase has begun to climb the app retailer ranks and at present sits at 227 amongst all apps. Within the final cycle, the alternate was the number one app within the retailer throughout all classes. This signifies that retail traders have but to return again in drive regardless of Bitcoin buying and selling near its all-time excessive worth.

In the meantime, Google Developments knowledge reveals that searches associated to Bitcoin and crypto are steadily climbing and skilled a major spike over the previous week — rising from 29 to 100.

The continued energy of Bitcoin, coupled with strong performances by altcoins, paints a optimistic image for the crypto market within the coming months. Buyers stay cautious about potential resistance ranges for Bitcoin however hope the present rally will proceed.