On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.

Data from Cointelegraph Markets and TradingView shows that the cost of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $l,000 level which bulls are attempting to flip dorsum to back up.

BTC/USDT four-60 minutes chart. Source: TradingView

Earlier in the mean solar day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased some other $xv meg worth of Bitcoin, bringing its total holdings to ninety,859 BTC and farther demonstrating that institutional need for the top cryptocurrency continues to abound as firms buy each dip'

Analysis of key BTC toll indicators besides shows that bulls were eager to purchase the $43,000 retest which occurred over the weekend.

Not every analyst is bullish

Bitcoin'south surge higher up $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when information technology comes to the cryptocurrency market place.

Today Goldman Sachs appear that it would restart its crypto trading desk-bound and Brandt was quick to tweet the following chart and signal out that its launch didn't piece of work out so well for the cryptocurrency market in December 2017.

BTC/USD i-week chart. Source: Twitter

Co-ordinate to David Lifchitz, Principal Investment Officeholder of ExoAlpha, it's all the same "too early to tell" if the pullback in Bitcoin is over but $44,500 appears to take provided strong support.

In terms of whether the meridian cryptocurrency could breakout to new highs in March, Lifchitz said he'due south uncertain on exactly what might happen as March is historically a bearish trading calendar month for BTC.

According to Lifchitz, taxation flavour in the U.S. could put bearish pressures on the market as investors may need to "sell some of their holdings to pay for earlier realized capital letter gains."

From a bullish perspective, the 20% correction during the 2d half of Feb may take signaled an "early on first" to the usual March weakness, with the worst of the downturn already transpiring.

Lifchitz said:

"Despite the 20% pullback, nosotros're however in an upwards sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are internet sellers. They are the real short-term chance."

Analysis of Glassnode's Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the "signature sideways and choppy" cost action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC.

Bitcoin Entity-adapted NUPL. Source: glassnode

Steadying yields aid to stabilize traditional markets

The traditional financial markets also rallied on Mon as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout additional investor sentiment about the future of the global economy.

The S&P 500, Dow and NASDAQ all airtight the mean solar day in the black, finishing upwardly ii.38%, 1.95% and 3.01% respectively. The potent performance from each index occurred every bit global cardinal banks globe continue to reaffirm commitments to accommodative policies that will back up the global economical recovery.

Altcoins also recovered their recent losses as Bitcoin price broke out to $l,000.

Daily cryptocurrency market place operation. Source: Coin360

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price ascent 9.46% to $1,525. PancakeSwap (Block) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.

The overall cryptocurrency market cap at present stands at $1.52 trillion and Bitcoin'southward dominance charge per unit is 61%.