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Altcoins spike to new highs while Bitcoin bulls aim to recapture $57K

Terra (LUNA), Basic Attention Token and Cardano spiked to new highs as Bitcoin and Ethereum attempted to recover from their recent correction.
Bitcoin (BTC) price continues to recover from its sub-$55,000 correction and at the time of writing, traders are attempting to recapture the $57,000 level as a support. Data from Cointelegraph Markets and TradingView shows that a wave of early morning selling pushed Bitcoin price 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 4-hour chart. Source: TradingViewWhile 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 $6.1 billion worth of Bitcoin options are set to expire on March 26. According to Cointelegraph contributor Marcel Pechman, derivatives data indicates that the upcoming expiry is more advantageous for the bulls as long as BTC remains above $52,000. Ether (ETH) has also traded in a consolidation pattern since setting a new all-time high at $1,950 on March 13 and professional traders view the $1,750 level as strong support following multiple bearish retests over the past week. Altcoins press ahead while Bitcoin price recoversSeveral altcoins saw their prices breakout on Tuesday as partnership announcements and exchange 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 support trading services “on or …
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