Bitcoin (BTC) hit its highest level since Jan 2 at the Wall Street opening on March 28, with the latest bull run picking up momentum.
“Bitcoin drop would be unnecessary but healthy”
Data from TradingView showed that BTC hit $47,900 on Bitstamp and is just $100 away from a new 2022 high. Bitcoin price action came after a strong move to the weekly close on March 28, which continued with weekly gains of around 17%. Popular crypto analyst Rekt Capital shared:
It doesn’t have to be, but a BTC drop would be healthy. Because price could continue and retrace previous resistance as new support. The same goes for many altcoins that have seen strong moves lately.
While some are starting to predict a pullback to see new support levels, Excitement for BTC still remains an impulsive mood at the time of writing. Blockware lead insight analyst William Clemente says:
Multi-month regime of both spot premium and quarterly retracement + Huge on-chain backlog with various measures. The only thing we’re missing is momentum. As long as $46,000 is held, we can expect momentum/trend-based market participants to push it back to higher highs.
This point of view was echoed by Rekt Capital, which has identified two key moving averages that provide potential fuel to send the leading cryptocurrency back to all-time highs.
William Clemente, Bitcoin’s moving average convergence divergence (MACD) He added a chart showing his indicator turning green and the start of an uptrend for the first time since November’s all-time high.
BTC chart with MACD / Source: William Clemente/ Twitter Meanwhile, on-chain monitoring resource Whalemap reiterated that $47,400 is a key area at macro levels, thanks to the previous accumulation there. .
Analyst Philip Swift added that the current rally is more sustainable than previous ones this year. As a nod, he stressed that funding rates on derivatives platforms remain interestingly low despite optimism in both sentiment and market performance.
“2022 won’t be so easy for risky assets”
The focus for macro analysts was whether Bitcoin (BTC) has broken against traditional assets with its recent gains. U.S. stocks were mostly flat at the open on March 28, while gold rose only modestly.
Discussing the trend, Bloomberg Intelligence senior commodity strategist Mike McGlone questions whether BTC is “taking the hedging flag” and makes the following assessment:
Q1 is the highest inflation in 40 years and Europe’s There could be another break in the trend for risky assets rising amid the war in the US. But our guess is that the endgame of 2022 won’t be that easy.
Mike McGlone adds that Bitcoin still ‘shows a different strength’. As reported by
Kriptokoin.com, Mike McGlone recently said that Bitcoin (BTC) could ‘easily’ return to $30,000 before hitting six figures in current macro conditions.
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