Bitcoin and Ethereum trade sideways, AI concept coins lead the gains

Written by: Mary Liu, BitpushNews

Wednesday,cryptocurrencyThe market trading heat has cooled slightly. As of the close of the U.S. stock market that day, the total market value of cryptocurrencies fell by 1.2% to 2.6 trillion U.S. dollars. Bitcoin and Ethereum face resistance at key levels.

Bitcoin hit a high of $71,754 on the day, then fell back to $69,793, a drop of 1.2%. Ethereum is currently trading at $3516, down 1.35% in the past 24 hours.

In the altcoin market,Blockchain AI Concept projects Fetch.ai, SingularityNET and Ocean Protocol nativeTokenThe proposed merger, dubbed the “Artificial Superintelligence Alliance,” would see the projectsTokenIt will be named Artificial Superintelligence (ASI).

受此消息影响，这三个项目的现有Token大幅上涨，过去 24 小时内， Fetch.ai (FET) 上涨了 15%，SingularityNET (AGIX) 上涨了 12%，Ocean Protocol 的代币 OCEAN 涨幅最大，上涨了 36% 以上。三个项目于今天向各自的治理CommunityThe integration proposal will be submitted and a 14-day consultation period will begin, with voting on the proposal expected to take place between April 2 and April 16.

The Base chain continues to lead the meme craze, with the hottest BRETT rising 11% in the past 24 hours. BRETT was inspired by the cartoon character drawn by artist Matt Furie, and its market value was close to $500 million. Coingecko wrote in a newsletter: "It is now clear that meme coins have evolved from a cultural movement to a driving force for newBlockchainThe key tool to adopt.

However, the hype has attracted the attention of regulators. The UK Financial Conduct Authority (FCA) issued a warning to KOLs to beware of "misleading" crypto meme projects. Paid promotion requires approval from regulators to avoid potential criminal charges. The FCA has listed "emoji" projects as a key area of online violations.

cryptocurrencyThe market is "in the middle of a bull run"

According to a recent report from Grayscale, market cycle indicators show that the cryptocurrency market is “currently in the middle of a bull run” on the back of strong fundamentals and technical factors.

Despite the Bitcoin price rallying from $63,800 to $70,000 in the five days leading up to March 27, only $151 million in leveraged short positions were forced to close in the BTC futures market. This suggests that shorts remain cautious despite a whopping $888 million in net outflows from U.S. Bitcoin spot ETFs last week.

On the positive side, Bitcoin has shown resilience, falling from $73,757 on March 14 to $60,795 on March 20 without causing panic among spot ETF investors. Spot ETF flows reversed this week, recording net inflows totaling $418 million on March 26.

Additionally, Grayscale reported thatexchangeBitcoin holdings have decreased significantly, "down 7% since the local Bitcoin supply peak in May 2023", suggesting that supply tightness is partly due to spot Bitcoin ETFs moving BTC to custodial cold storage.walletore for long-term storage as investors anticipate higher prices in the future.

Is the BTC Pre-Halving Pullback Over?

Analyst Rekt Capital said on the X platform that the price adjustment before the Bitcoin halving is consistent with the historical retracement before the halving. In an article on March 25, heXiaobai Navigation"The pre-halving correction happened as expected. Now Bitcoin is back around $70,000," he wrote.

Rekt Capital said in a video analysis yesterday that Bitcoin price could break new all-time highs if the all-time high of $69,000 turns into support, saying: "Bitcoin has broken through its all-time high and is likely ready for the end of the pre-halving correction."

According to a research report by Bitfinex analysts, last week’s Bitcoin price adjustment indicates that the price has formed or is close to forming a local bottom. The analysts said: “We believe that last week’s correction of Bitcoin from its current all-time high of $73,666, equivalent to a correction of approximately 17.5%, indicates that we are close to establishing a local bottom, and in fact the market has begun to follow this rule.”

The article comes from the Internet:Bitcoin and Ethereum trade sideways, AI concept coins lead the gains

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