Bitcoin’s remarkable rally continues with prices currently above $47,000 after upside momentum helped bulls break above the critical resistance zone at $46,000.
The upside has seen Bitcoin’s weekly candle close above $46 for the first time since the last week of December 2021. The weekly close above $46,850 is also the first time the benchmark cryptocurrency has closed above the 21-week EMA since November.
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The last time bulls closed above the EMA in an uzlazni trend was in July 2021, with prices testing highs of $53,000.
Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, said in a note that holding $46k might prove pivotal for Bitcoin’s short-term direction.
He notes that the flagship cryptocurrency faces some headwinds after this burst. However, the market could see further bullish moves, given on-chain metrics such as long-term holder accumulation amid dwindling on-exchange reserves.
Another pointer is Crypto Fear and Greed, which shows readings hovering around 60, where it was when BTC traded around $60,000. According to him, buying pressure alluded to by the metric could push prices even higher.
If buyers are able to hold the $46,000 level as support, further moves on the upside are likely to include the next at $52,000.
Crypto trader and analyst Rekt Capital says a retreat is possible from current prices. However, the breakout has put Bitcoin back into the $43k-$52k range.
Source: https://invezz.com/news/2022/03/28/bitcoin-breaks-above-47k-as-bulls-breach-pivotal-level/