Bitcoin is testing the resistance at the $43,000 mark and after it showed strength on March 22. It saw gains of nearly 5%. But in the last 24-hours, BTC is down by 0.30% and is trading at $42,131. Bitcoin’s price takes the entire crypto market up and if the price plunges, the market also turns red.
Data shows that BTC price action has seen steady gains over the past week, and has grown over 12% in the last week. It indicates a strong bullish momentum in the market. On March 18, bitcoin breached the $42,500 mark.
Ethereum has slipped from the $3,000 zone as it has lost nearly 2% in the last 24-hours. Ether is changing hands at $2,954. The world’s second most popular crypto had soared past $3,000 for the past time in two weeks. Ethereum had previously seen a high-low at $2,850 and took a bullish stance. Yesterday’s gains have now been lost in the price slip.
Scott Norris, the co-founder of LSJ Ops, highlighted that crypto giant – bitcoin has been through an interesting couple of weeks. It has sailed smoothly through Russia’s invasion of Ukraine to the US Federal Reserve raising interest rates. And there is a new confidence in the market as Goldman Sachs has taken to OTC bitcoin. Cryptocurrency enthusiasts regard this as a hope that more institutions will enter the crypto space.
Norris said that in the past week, Bitcoin options were priced at $38,000 and bullish traders broke through the wall. He pointed out that those dealing in contracts did better than expected.
Experts highlighted that bitcoin’s price has recently been closely tied to stocks. The overall market is bullish and another upside is expected soon.