Bitcoin (BTC) experienced a new momentum overnight on March 22 when the bulls briefly recovered $ 43,000.
BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView
RSI hints at fundamental strength
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD reached $ 43,337 on Bitstamp on March 22, the highest since March 3.
The action contrasted with the lack of volatility since the weekend and was neatly aligned with more bullish predictions surrounding the short-term trajectory.
For popular retailer Crypto Ed, who previously gave $ 43,000 as a goal in a low time frame, everything went according to plan.
Fellow analyst Matthew Hyland, meanwhile, looked at a potential scenario for the Bitcoin Relative Strength Index (RSI) to break on the daily chart – a phenomenon that often preceded price strength.
BTC / USD 1-day chart (Coinbase) with RSI. Source: Matthew Hyland / Twitter
“BTC is a few hundred dollars away from the first higher high we’ve seen in a long time. Will that happen? ”Added crypto market analyst Kevin Svenson.
Bitcoin has already sealed an impressive weekly close on March 20, the highest since early February, and now macro signs are adding positive momentum again.
Trading was brisk in Asian markets that day, the Hong Kong Hang Seng index rose 3.15% at the time of writing.
In Europe, however, there were few signs of detrimental influence, while the future of the United States was also falling before the opening of Wall Street.
However, the increase managed to squeeze out some short positions in cryptocurrency, as evidenced by data from the monitoring resources on the Coinglass chain.
The total 24-hour liquidation was $ 168 million at the time of writing.
Cryptocurrency liquidation chart. Source: Coinglass
Ethereum returns $ 3,000 in a set of altcoin copies
On altcoins, the picture also turned pinker overnight.
Related: Price analysis 3/21: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
The top ten cryptocurrencies by market capitalization are led by Cardano (ADA), which rose 5.8% in 24 hours to limit weekly gains close to 20%.
ADA / USD 1-day candle chart (Coinbase). Source: TradingView
Other major tokens went almost equally well, including Polkadot (DOT) and Ripple (XRP).
Ether (ETH), the largest altcoin, came up with $ 3,000 in line with Bitcoin’s growth before immediately consolidating below that psychologically significant level.