Bitcoin (BTC) cost continues to recover from its sub-$55,000 correction and at the time of writing, traders are attempting to recapture the $57,000 level equally a support.

Data from Cointelegraph Markets and TradingView shows that a wave of early morning selling pushed Bitcoin cost to a daily low of $53,167 and while dip buyers did manage to step in, the lack of purchasing volume is keeping BTC pinned in what appears to be a tightening range.

BTC/USDT iv-hour chart. Source: TradingView

While Bitcoin price could continue to meet overhead resistance in the $56,000 to $58,000 range, a strong bullish case still exists as a potential $vi.1 billion worth of Bitcoin options are set to expire on March 26. According to Cointelegraph correspondent Marcel Pechman, derivatives data indicates that the upcoming expiry is more advantageous for the bulls equally long as BTC remains above $52,000.

Ether (ETH) has also traded in a consolidation design since setting a new all-time high at $one,950 on March 13 and professional traders view the $1,750 level as strong support following multiple surly retests over the past calendar week.

Altcoins printing ahead while Bitcoin toll recovers

Several altcoins saw their prices breakout on Tuesday equally partnership announcements and substitution listings have proven to be effective price movers.

The biggest announcement of the day came from Coinbase Pro, which revealed that it has begun accepting inbound transfers of Cardano (ADA) and will back up trading services "on or later nine AM PT on Th, March 18, if liquidity conditions are met."

Terra (LUNA) has also put on some other double-digit gain overnight, spiking more xl% from a low of $xiv.60 on March 15 to a new best loftier of $20.threescore on $1.4 billion in trading volume.

LUNA/USDT four-hour chart. Source: TradingView

Basic Attention Token (BAT) has also seen its cost surge to a new record high at $1.18 every bit the blockchain-based spider web browser continues to reap the benefits of multiple announcements, including the conquering of a search engine provider and plans to integrate NFT functionality and a DEX aggregator.

Traditional markets take a tumble as Treasuries rise

The global fiscal markets barbarous under pressure on Tuesday every bit weaker than expected retail sales and a rising 10-year Treasury yield, which closed the mean solar day up 0.87% at 1.621.

Following record highs set on March sixteen, the S&P 500 and Dow faced dropped throughout the 24-hour interval and airtight down 0.16% and 0.39% respectively. The NASDAQ was able to outset a late-twenty-four hours rally that helped its price shut up 0.09%.

Analysts predict accelerated growth in the crypto market place

Daily cryptocurrency market performance. Source: Coin360

Despite the drawdown in both Bitcoin and Ether price, the overall outlook for the cryptocurrency market is bullish as signs of steady mainstream adoption emerge on a daily basis.

Data shows that long-term cryptocurrency holders have been accumulating BTC in recent months, while short-term traders are confident that loftier leverage speculative trading volition pay off. The steady increment in BTC accumulation suggests that the current bull market has ample room to run higher.

The overall cryptocurrency market cap now stands at $1.723 trillion and Bitcoin's dominance rate is 60.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph.com. Every investment and trading move involves risk, y'all should conduct your own research when making a decision.