Bitcoin (BTC), which saw an overnight surge in activity into March 22, when bulls briefly reclaimed $43,000, experienced a new impulse movement.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
RSI hints to underlying strength
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD reached $43,337 on Bitstamp Tuesday. This is the highest pair since March 3.
The lack of volatility over the weekend was contrasted by the action, which is in line with bullish forecasts for the near-term.
Crypto Ed, a popular trader, had previously offered $43,000 as a low timeframe target. Everything went according to plan.
#BTC Red box showing at $43k for the past few days …. Imagine not watching my YouTube videos ….. There’s no need to listen to the dudes who enjoy talking for more than 20 minutes. In 3 minutes, you can learn everything you need! https://t.co/nsWHyUMaYI pic.twitter.com/sj94yjuzhd
— Ed_NL (@Crypto_Ed_NL), March 22, 2022
Matthew Hyland, a fellow analyst, meanwhile spotted a possible breakout scenario for Bitcoin’s relative Strength Index (RSI), on the daily chart. This phenomenon has often preceded price weakness.
BTC/USD 1-day chart (Coinbase), with RSI. Matthew Hyland/ Twitter
“BTC is just a few hundred dollars away from the highest highs we have seen in a very long time.” It will happen. Kevin Svenson, crypto market analyst, added.
Bitcoin had already reached an impressive close on Sunday, the highest level since February early, and macro cues are adding to the positive momentum.
The day was busy for Asian markets, with the Hong Kong Hang Seng index rising 3.15% by the time this article was written.
Asia ironically maxes bidding $BTC
— Zhu Su (@zhusu) March 22, 2022
However, Europe showed little evidence of a knock-on effect, and U.S. futures trended down before the Wall Street open.
Despite the push higher, some short positions in cryptocurrency were still available as evidenced by Coinglass data.
At the time of writing, total 24-hour liquidations were $168 million
Chart of crypto liquidations. Source: Coinglass
Altcoin copycat rally: Ethereum rises to $3,000
Altcoins also saw a brighter picture overnight.
Similar: Price analysis 3/21 – BTC, ETH and BNB, XRP. LUNA. SOL. ADA. AVAX. DOT. DOGE.
Cardano (ADA) was the leader of the top ten cryptocurrencies in market cap. It rose 5.8% in less than 24 hours to close weekly gains of 20%.
ADA/USD 1-day candle chart (Coinbase). Source: TradingView
Other major tokens did almost as well, such as Polkadot and XRP.
Ether (ETH), which is the largest altcoin, reached $3,000 in tandem with Bitcoin’s rally and then consolidated immediately below that psychologically significant level.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
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