Market Overview

BTC/USD Sideways Trading Could Continue

Share:
  • VeriBlock contributed between 25% - 45% of Bitcoin transactions during the active testnet phase.
  • It is very unlikely that BTC/USD will sustain further growth towards $4,000.

Data from CoinMetrics.io shows that there has been a big drop in the number of transactions on the Bitcoin network. The decline is coincidentally related to VeriBlock’s testnet stage. Besides, past reports have indicated that the startup is responsible for a sizeable amount of transaction on Bitcoin blockchain.

According to Ethereum World News, VeriBlock contributed between 25% - 45% to the total amount of Bitcoin transactions during the active testnet phase. However, the testing phase was completed on March 4 while the daily Bitcoin transaction has plunged by 21% raising a lot of questions.

“The recent collapse in BTC transaction count seems to correlate with the end of the Veriblock testnet (on March 4th) which was accounting for 20-30% of BTC transactions.”

Bitcoin price overview

Bitcoin is trading sideways below the critical $3,900. BTC has been stuck between $3,700 - $3,900 since February 24. Besides, the trendline support on the 4-hour chart is likely to continue providing the much-needed support because BTC/USD has not been able to sustain growth above $3,900. There is a bullish momentum building towards $3,900 at the time of writing supported by the RSI which is heading north. However, it is very unlikely that BTC/USD will sustain further growth towards $4,000.

BTC/USD 4-hour chart

mar12-btc-636879857036110610.png

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Casey's General Stores Analyst Says Q3 Print Shows Progress In Growth Initiatives

LTC/USD Channel Breakout Impends