Bitcoin has a strong upswing to $ 47,000 and makes up for all annual losses

Von Sophie Müller

  • Bitcoin and the broader cryptom market rose by 5 percent, which led to great short liquidations.
  • Bitcoin is traded well above its signal strength of 50 DMA and is on the way to exceed 200 to confirm the upward trend.

After almost months of strong volatility, Bitcoin (BTC) finally caught up with all of his losses for 2022. Bitcoin (BTC) now increased by another 5 percent and exceeded $ 47,000 for the first time since January 4. At the time of printing, Bitcoin is traded at $ 46,960 with a market capitalization of $ 890 billion

The current trading price is quite critical because Bitcoin manages to give a bullish crossover over the MacD on a daily connection basis.

All eyes will be aimed at the next important resistance, namely the sliding 200-day average (DMA), which is currently $ 48,278. Between these price levels, Bitcoin will prepare the arguments for the next bull run. Holger Zschaepitz, crypto-market analyst at Welt writes :

Bitcoin has experienced another comeback! The stealth rally of the cryptocurrencies in the past 2 weeks has not only brought it over a key level of $ 45,000-it also brought the world's largest cryptocurrency back into the positive area for the year.

In the past few weeks, BTC has moved in the range of $ 35,000 to $ 45,000. The latest outbreak shows that the bulls are back in action. Antoni Trenchev, co -founder and managing partner of Nexo, said:

Since we test the top of the trading range of 2022 for the fifth time, this is another of these Bitcoin moments, in which the narrative could change quickly and investors can get in and drive up the Bitcoin price. It could be time to wake up from the Bitcoin-Seitlhafe in 2022.

Bitcoins overbaufed area

Bitcoin is now traded well above its sliding 50-day average (DMA), which is currently $ 41,000. According to BESPOKE Investment Group, Bitcoin is located in the 80th to 90th percentile and in the "overbought" area.

But Bespoke finds that this is a signal for a downside, but historically was the opposite for BTC. In his reports BESPOKE

🚀 #bitcoin introduced, the highest price Since January 3.. The enormous amount of #short pants who grow on the stock exchanges is the high school for this jump. #altmünzen really saw a huge #Kurz ratio at 1 p.m. UTC, followed by $ Btc at 6:00 p.m. UTC, spiking all of #krypto . 🤯 pic.twitter.com/voi8ybMP4S

- santiment (@santimentfeed) 28. March 2022


Source: Crypto-news-flash.com