March 3rd Market Analysis from LBank Derivatives

Bitcoin

$BTC has broken below the $23,100 support level and is currently exhibiting bearish tendencies. However, there is strong support below, and it is unlikely to break through again in the near future.

Meanwhile, following the sharp decline, there may be some corrective fluctuations.

Ethereum

$ETH fell below the $1,620 support level and has since been in a downward trend. It has temporarily stopped falling and has slightly rebounded, but the strength of the rebound appears to be weak.

Overall, the market outlook for Bitcoin and Ethereum in the short term appears bearish, with downward momentum in play.

However, given the strong support levels below, there may be some short-term corrective fluctuations or consolidation.

Traders and investors should continue to monitor the market closely for any potential changes in trends or price movements.

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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.