Financial markets have proved time and again that hindsight is important as every analysis and chart pattern is plainly obvious once the movement occurs. For instance, traders who played the February 28 pump which pushed Bitcoin (BTC) beyond $43,000 knew that there would be resistance at some point.
Since the market in the past rejected the price at $44,500 multiple times, it made good sense to call for a retest at less than $40,000.
It remains a very common fallacy, called ‘post-hoc’ where an event is believed to cause another just because the former has occurred before. The truth remains that pundits and analysts always exist who call for rejection and continuation following a substantial price move.
Cointelegraph reported on March 2 that there was a chance Bitcoin could push through a $34,000 retest. Here, the analysis referred to the invasion of Ukraine by Russia and referred to an ailing momentum.
Average Market Performance Of Bitcoin Could Force $34,000 Retreat
During the last week, the performance of the market capitalization of cryptocurrencies showed a retrace of 11.5, reaching $1.76T. This move deleted the gains made from the past week.
All the large-cap assets were affected including Ether, Bitcoin, and Terra, reflecting a loss of around 12% during this period.
Just two tokens could present positive performance in the last 7 days. While WAVES surged for the 2nd week in a row as the network upgrade advanced to turn into EVM-compatible.
With transition likely in spring, the new consent mechanism should pave the way for a smoother changeover to Waves 2.0.
THORChain jumped following the completion of its integration with the Terra ecosystem. This enabled the blockchain to support the full range of Cosmos projects.
There are additional staking and trading options available for ThorChain users, including TerraUSD stablecoin.