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Bitcoin Closes the Month of March With Trading Value of $45,510

Published 04/01/2022, 06:15 AM
Updated 04/01/2022, 06:30 AM
© Reuters. Bitcoin Closes the Month of March With Trading Value of $45,510
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  • Bitcoin has been bearish for a long time since the beginning of 2022.
  • Bitcoin reached $48,189 on March 28, but BTC closed the month with a trading value of $45,510.
  • However, several crypto enthusiasts predicted Bitcoin to reach $50,000 by the end of March 2022.

Bitcoin (BTC) was bearish for a long time at below $45,000. The bulls tried to break through the mentioned Fib retracement level many times, every time bears seized the market. However, the bull market has now managed to push Bitcoin above $45,000 resistance and rallied toward $48,000.

On March 28, Bitcoin’s price reached $48,189.84, but Bitcoin couldn’t hold that position for a long time and traced back. Notably, BTC ended the month of March with a traded value of $45,510.34, according to CoinMarketCap.

However, more crypto enthusiasts predicted Bitcoin to reach $50,000 by the end of the month.

In the last three months, Bitcoin had a hard time going through inflation due to multiple reasons. For instance, the Russia and Ukraine war had a big impact on the entire market. Similarly, COVID-19, as well as the Federal Reserve’s tightening fist on crypto businesses exacerbated the situation.

In addition, on-chain data analyst Santiment explained via Twitter (NYSE:TWTR) that Bitcoin has returned to the $47,000 level for the first time in 11 weeks, ever since January 4.

Meanwhile, the total value of the cryptocurrency market is above $2 trillion, according to CoinMarketCap. In contrast, the market briefly hit $3 trillion on November 10, 2021, when each bitcoin reached $69,000.

At the time of writing, Bitcoin’s market capitalization has reached $902 billion, but it still has a ways to go to reclaim the $1 trillion it commanded in November.

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