Bitcoin’s price today: Over the past few days, bulls at cryptocurrency under-the-radar rallies have once again set their sights on a level that has not been seen since last year. The largest cryptocurrency by market value rose 4.6% at one point on Monday, reaching $ 48,215 before fluctuating around that level. The peak was its highest level of the year and propulsion increased its year-to-date profit by about 4%. Elsewhere, the MVIS CryptoCompare Digital Assets 100 Index – which tracks the performance of some large digital assets – was up more than 6.7%.
Bitcoin and other cryptocurrencies have been in a downtrend for the past few weeks, like other risky assets such as US stocks. But a break above $ 45,000 over the weekend, a key level seen by chartists, helped speed up for the big breakout. The coin has added 17% in the last week.
“It’s a meager start to the year, not just for crypto, but for all asset classes. So I think it’s an exciting morning to see the crypto community’s year-over-year losses wiped out and to see Bitcoin rise above that psychological $ 45,000 level, “said Michael Sonenshin, CEO of Grayscale. Bloomberg TV interview. He added that “some of the local crypto buyers we see are buying for their own reserves like Terra,” which could help support prices.
Do Quan, co-founder and CEO of the firm behind the Terra blockchain, confirmed that they have made more than $ 1 billion in Bitcoin purchases since the end of January, Bloomberg News reported Monday. Analysts are also looking at other developments in the wake of renewed optimism surrounding crypto, citing remarks by US Treasury Secretary Janet Yellen, who told CNBC in a March 25 interview that despite her own skepticism about the asset class, “there are advantages to crypto in the system and we recognize that. Innovation can be a healthy thing. “
The rally has pushed Bitcoin to technically higher buying levels, based on its Relative Strength Index (RSI) score of 71. If its RSI goes above 70, the asset is considered overbought and if it goes below 30, it is sold more. Overboat levels are estimated. Short-term breathing, although policymakers at Bespoke Investment Group say such a situation could lead to a recession and further gains instead.
Matt Malley, the company’s chief market strategist at Miller Tabak +, says he’s looking at Bitcoin’s 200-day moving average, which is currently around $ 48,270 – which could provide some short-term resistance. But beyond that, $ 50,000 will be focused on chartists “because that’s a big round number.” It is also looking at $ 51,000, which marks the end of December.
Still, Bitcoin is down 30% from a record high of about 69,000 reached in November. But Katie Stockton, founder of Fairlead Strategies, a research firm that focuses on technical analysis, says “the current relief rally has a steady force.” Bitcoin marked a new “buy signal” via the MACD indicator and also saw resistance near $ 51,000.
Meanwhile, DailyFX strategist Nicholas Cowley says there is another resistance zone between $ 52,000- $ 53,000, consisting of previous highs and previous reactive lows. He said, “This is really the goal of Bitcoin now.” “Looking at the market conditions with buyers in the market and the sentiment has changed for the better, we can re-examine the level of -5 52-53,000 in the next two to three months, which I would not have considered six. Weeks ago.