BTC closed last week at its worst losses since Black Thursday in March 2020, raising speculation that the digital asset’s bearish phase was far from over. The latest correction saw BTC shed more than $10K from its record high.
However, BTC/USD rates rebounded sharply on Monday, reclaiming the $48K level. That ascent saw the pair recover from its seasonal low of $43,016 seen last weekend.
According to Robbie Liu, an investment analyst at OKEx, BTC is now bottoming out, indicating that prices could undergo a strong rebound in the sessions ahead.
Mr. Liu added that on-chain indicators were also bullish, as they show that miners have finally stopped selling BTC. That data shows that bulls could be eyeing a breakout above $50K in the coming session.
The world’s leading cryptocurrency is back in a positive zone and is currently changing hands for $49,084.
BTCUSD Chart by TradingView
Could Twitter Be Gearing Up to Buy BTC?
Crypto bulls were excited by news indicating that Twitter could add BTC to its balance sheet. On March 1, 2021, the social media giant unveiled plans to raise $1.25 bn by selling convertible senior notes to accredited investors.
Bitcoin advocate Anthony Pompliano interpreted Twitter’s note auction strategy as a hint that the company would purchase bitcoins with the proceeds, similar to what Microstrategy recently did.
“Twitter just announced a $1.25 billion convertible note offering. Given the recent treasury strategy of Microstrategy, could jack be planning to put bitcoin on Twitter’s balance sheet?” he tweeted.
Twitter has been flirting with the idea of investing in BTC since early last month when Tesla announced its purchase of $1.5 billion of the cryptocurrency. Ned Segal, the CFO at Twitter, nevertheless conditioned any future bitcoin purchase on demand for the crypto as a means of payment from vendors and company employees.
While Twitter continues considering its decision to hold BTC in its treasuries, Microstrategy has once again added to its BTC stash.
The Daily Chain earlier reported that the business intelligence firm grabbed an additional 328 coins worth about $15M on March 1, bringing its total bitcoin holdings to a whopping 90,859 units.
ETH Bears Keep Pushing
Ethereum started the new week on a positive note as it recovered from lows of $1,300 seen over the past weekend.
ETHUSD extended its ascent above the resistances at $1,480 and $1,500 as bulls gained strength. At the time of writing, ETH is up over 13% at its price of $1,538. However, the top altcoin remains in a bearish zone and will likely face many hurdles on the upside.
ETHUSD Chart by TradingView