Thursday, July 25, 2024

Market Watch March 30: Bitcoin holds onto $47,000, 5.4% added to overall crypto market capitalization

There has been a notable price improvement in the overall cryptocurrency market as Bitcoin holds onto $47,000. BTC’s price has been oscillating around $48,000 since it breached the $45,000 mark on March 28. Bulls expect further gains up to $80,000.

Philip Swift, an independent market analyst, believes keeping it simple is for the best. He pointed out that the Bitcoin price is breaking back above the one-year moving average. Swift explained that this is historically an important level for the popular crypto. It indicates the start of a bullish trend.

Phoenix, a crypto trader, says a possible trajectory Bitcoin could take over the next few weeks. Traders may hope for a perfect entry with a mid-$45,000 retest. But then Bitcoin doesn’t give perfect entries. It may opt for a bullish run. Rekt Capital, a market analyst, outlined that Bitcoin would continue to head higher. It is likely to head toward $57,000. The analyst said that if the popular crypto flips the black $47,000, there is little major monthly resistance until the big red of $57,000.

The second most popular cryptocurrency Ethereum is currently trading at $3,384. It is up by 0.36% in the last 24-hours. Ether has seen price gains of nearly 15% in the past week. But the altcoins have been showing a mixed price reaction. Some are in green and some, in red. Terra LUNA, Solana, Polkadot, and Cosmos ATOM have gained 0.50% – 3%. Ripple’s XRP, Cardano, Avalanche, Polygon, and Dogecoin are in the red.

Meanwhile, crypto watchers have warned against euphoric sentiment for the popular Bitcoin. Sentiment indicators suggested a price correction is likely.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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