Bitcoin price could return to all-time highs if $46K holds — analysts
Bitcoin (BTC) went on to hit its highest level since Jan. 2 on March 28's Wall Street open as its latest bull run kept up the pace.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $47,900 on Bitstamp, just $100 away from a new 2022 peak.
The move followed a strong move into the weekly close, which continued on March 28, producing weekly gains of nearly 17%.
It doesn't have to happen but...A #BTC dip would be healthyBecause price would be able to go ahead and reclaim a previous resistance as new supportSame goes for many Altcoins that have enjoyed strong moves as of late$BTC #Crypto #Bitcoin
While some began to call for a retracement to shore up new support levels, excitement nonetheless remained as the driving mood at the time of writing.
"Multi-month regime of both spot premium and quarterlies backwardation + Massive on-chain accumulation by several measures. All we've been missing is momentum," Blockware lead insights analyst William Clemente explained.
That perspective was echoed by Rekt Capital, who identified two key moving averages as providing the potential fuel to send the largest cryptocurrency back to all-time highs.
The moment #BTC is able to breach the mid-range resistance...Is the moment that $BTC will ascend into the upper half of its Macro Re-Accumulation Range#Crypto #Bitcoin pic.twitter.com/cJh2T4eiNP
Clemente added a chart showing that Bitcoin's moving average convergence divergence (MACD) indicator had flipped green, signaling the start of an uptrend, for the first time since November's all-time highs.
On-chain monitoring resource Whalemap, meanwhile, reiterated that $47,400 was a key area on macro levels thanks to accumulation having taken place there previously.
The macro outlook
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