Bitcoin (BTC) bulls appear to have found their momentum as BTC price reclaimed the $49,000 level within the last hour.

On March 2 the toll dropped as low as $47,000 simply currently, BTC is trading above the 20-day moving boilerplate. Bulls are likely to make some other attempt at flipping the $fifty,000 resistance to back up and a sustained loftier volume spike could ship the price to $52,000 where a daily shut would confirm that bulls are back in the driver's seat.

Daily cryptocurrency market performance. Source: Coin360

Even though Bitcoin is struggling to secure a daily close to a higher place $fifty,000, a steady thread of favorable news continues to emerge.

Businessman and Shark Tank star Kevin O'Leary, who one time called Bitcoin a "giant zero burger," revealed that 3% of his portfolio will exist put into Bitcoin and in the future, O'Leary plans to invest in a sustainable mining operation.

The drive to secure a Bitcoin exchange-traded fund (ETF) is also back in the headlines, following the successful launch of the Purpose Bitcoin exchange-traded fund in Canada. Evolve Funds Group revealed that it is now looking to secure approving for an Ether ETF product in Canada afterward it became the 2nd business firm approved to list a Bitcoin ETF in February.

In the U.Due south., the Chicago Lath Options Exchange (CBOE) is hoping that the ETF approvals in Canada will add together momentum to its January. 3 filing to list the Van Eck Bitcoin ETF subsequently all of its attempts made in 2017 were denied.

Traditional markets cool off while altcoins notice momentum

Traditional financial markets faced pressure on March 2 as trading cooled post-obit Monday's rally which saw the S&P 500 put on its best performance since June 2020.

The NASDAQ, Dow and S&P 500 all finished the day in the ruby, down 1.69%, 0.41% and 0.74% respectively, while the U.S. Treasury 10-year yield also continued its decline from last week'southward fasten.

Several altcoin projects made large announcements that helped provide a boost to their token values.

Sony Europe revealed that it had joined the Theta (THETA) network's validator plan. Post-obit the annunciation, the cost of THETA increased by xv.31% to $3.70 while the network's TFUEL gas token rallied to a new all-time high at $0.144.

THETA/USDT 4-60 minutes chart. Source: TradingView

Meanwhile, the launch of Aavegotchi'south (GHST) mainnet was accompanied by the platform's offset portal drop which involved 10,000 NFT-bearing portals selling out in under a minute. The successful launch and NFT auction was followed past GHST price rallying 15% to set a new all-fourth dimension high at $1.79.

BTC/USD daily chart. Source: Coin360

The overall cryptocurrency marketplace cap at present stands at $1.51 trillion and Bitcoin's dominance charge per unit is lx.7%.