The crypto market is looking positive as bitcoin inches towards the $44,000 mark. The BTC price had last approached the $44,500 resistance area in the first week of January. It hasn’t touched this mark since January 5. Analysts say technical indicators are bullish and support the continuation of an upward movement. The world’s most popular cryptocurrency is showing strong signs of a longer-term bullish reversal. But it is trading inside a short-term corrective pattern.
Analysts believe that if bitcoin makes a run above the $44,500 crucial mark, there would be virtually no resistance or major resistances apart from the $46,750. According to TradingView data, bitcoin has been trading inside an ascending parallel channel since March 7. But presently, its changing hands, just under the resistance line of the channel. A breakthrough here would confirm a bullish trend.
Neel Kashkari, President of the Minneapolis Federal Reserve, pointed out that the BTC’s price surge comes amid a backdrop of heightening inflation and rising interest rates. There could be up to seven hikes over the course of 2022. Rekt Capital said for bitcoin to pass the $44,000 mark, a flip is needed at the ascending triangle top for support. It highlighted that this has happened before.
Meanwhile, Ethereum has gained 3.81% in the last 24-hours and is trading at $3,138. The world’s second most popular cryptocurrency is up by nearly 13% in the last seven days. The biggest gainer of the week is Cardano (ADA). It has seen a price surge of nearly 40% in the last seven days, followed by Solana (SOL) at nearly 21%.