Bitcoin

Bitcoin Rise Above $47k! Will BTC Price Close March Month Reaching $50K Level?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Mar 28, 2022

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The world’s largest cryptocurrency Bitcoin Price was stuck below $45,000 for a long time. Though bulls tried to break through many times, every time bears took over the market. However, bulls managed to push the flagship currency above $45,000 resistance & rallied towards $47,000. BTC price even tested $47.5k resistance, but bulls couldn’t hold that position for long and traced back.

At the time of reporting Bitcoin is trading at $47,227 with an increase of 5.77% in the last 24hrs.

Bitcoin Trades Highest In 6 Weeks!

Santiment, an on-chain data analyst explains via his twitter post that Bitcoin has now returned $47k level for the first time in 11 weeks, ever since January 4. In the last three months, Bitcoin had a tough time going through inflation, war, & also COVID-19 pandemic, yet the flagship currency managed to overcome all.

Sentiments also claim that as of now, the average trading returns for Bitcoin are at their highest in 6 weeks.

Also Read : This is When Bitcoin (BTC) Price Will Hit $50k! Traders Watch These Levels

In the above image, with the candle formation, we can say that Bitcoin is now making a move towards its 200-day moving average (DMA) of $48,278.

In addition to this, the data from Glassnode also shows that surprisingly, 81% of Bitcoin supply is currently in profit.

Altcoins Are Gaining Too!

Bitcoin’s bullish move also points towards altcoins. With altcoins following the footsteps of king currency, Ethereum too has moved past $3,300 & is expected to rally even further. The last time Ethereum was able to trade this level was in the middle of January 2022.

At the time of writing, Ethereum Price is trading at $3,329 with a surge of 5.90% in the last 24hrs. At present, both Bitcoin & Ethereum have surged more than 15% in the last 7 days.

Other altcoins too are making a strong move. For instance, Cardano (ADA) is up by more than 30% in the last 7 days.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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