Buy pressure ‘in bull market territory’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) begins the last week of March with a bang after returning to its yearly opening price above $46,000.
In a surprisingly strong upward move for a weekend, BTC/USD began surging upwards Saturday, continuing overnight to challenge its highs from the start of 2022.
Coming against an ongoing macro climate of considerable uncertainty, strength in Bitcoin is naturally being taken with a pinch of salt this month. The reaction is understandable given that previous attempts to break out of its multi-month trading range have all ended in failure.
Despite volatile periods, bulls were always left disappointed and Bitcoin subsequently not only reversed but often revisited the lower end of its range, costing both short and long positions dearly.
Nonetheless, the hope is that this time really will be different — analysts had long argued that only a breakout above the range ceiling, formed by the yearly open around $46,200, would be enough to cause a paradigm shift.
Now that this is in action on the charts, attention is focusing on the final hurdle — cementing these multi-month resistance levels as support.
With the process ongoing Monday, Cointelegraph takes a look at potential triggers that could make or break this important episode in Bitcoin price action.
“Gradually then suddenly” or pure chance? Traders are still trying to make sense of Bitcoin’s newfound strength this week.
It’s been a sight absent from the chart since the New Year — BTC/USD is back at $47,000. After jumping almost $3,000 in 24 hours, the largest cryptocurrency dealt a firm blow to resistance levels which had for months kept bulls firmly in their place.
The significance of $46,000 has been a hot topic for almost as long — a return to the yearly open, many said,
Read more on cointelegraph.com
