Bitcoin Bounces Back: Bullish Signals Amid Recovery and Positive Trends in Altcoins
Summary:
Bitcoin's recovery from a week low signals bullish sentiments among long-term traders. CryptoQuant CEO Ki Young Ju suggests increased ETF inflows if Bitcoin hits key support levels. Furthermore, reduced Grayscale Bitcoin Trust outflows suggest less selling pressure. Other cryptocurrencies like Dogecoin, Toncoin, Stacks, and Fantom are showing promising signs, forexample Dogecoin managed to clear the $0.16 hurdle, paving the way for a rise to $0.19; indicating strong trading dynamics.
Bitcoin appears set to close out the week in negative territory. However, the cryptocurrency is showing promising signs for long-term investors, having bounced back from a weekly low of around $61,000 to surpass $65,000. Many traders are maintaining a bullish mindset, snapping up Bitcoin when prices dip.
CryptoQuant's CEO, Ki Young Ju, suggests that should Bitcoin approach key support levels, it's possible the spot Bitcoin ETFs could see an increase in investment. Ju identifies the new generation of 'Bitcoin Whales' as those who bought up Bitcoin ETFs at a cost base of $56,000. He predicts a boost in purchasing activity if the cryptocurrency's value drops to this level.
Significant data has been provided from Coin360 indicating a positive trend in Bitcoin pricing. Similarly, a drop in the outflow from the GrayScale Bitcoin Trust (GBTC) is promising. Outflows lowered to a mere $170 million on March 22, indicating a decrease in selling pressure. Bitcoin could secure its first-ever string of seven monthly wins providing it closes March above $61,130.
Could a resurgence in Bitcoin prompt investment in chosen altcoins? Let's analyze the top five cryptocurrencies currently showing strength.
In recent days, Bitcoin has been trading close to the 20-day exponential moving average ($65,364), highlighting a power struggle between bullish and bearish traders. The 20-day EMA shows signs of stabilizing, and the Relative Strength Index (RSI) is sitting mid-range, evidencing a balance between buying and selling. The BTC/USDT pair is expected to fluctuate between $60,775 and $69,000 in the short-term.
However, if Bitcoin remains below the 20-day EMA, pressure may mount on the support zone sitting between the 50-day simple moving average ($58,438) and $60,775. Should this zone falter, Bitcoin's correction could steepen to the 61.8% Fibonacci retracement level of $54,298. Conversely, should Bitcoin break and secure a price above $69,000, the $73,777 value could be retested—if successful, Bitcoin could climb to $80,000.
Dogecoin has remained steady between $0.12 and $0.19 in recent days. On March 24, traders managed to clear the $0.16 hurdle, paving the way for a rise to $0.19. The cryptocurrency is experiencing a wave of investor optimism. Breaking and securing above $0.19 could trigger a surge toward $0.23 and possibly $0.30.
Toncoin managed to break the $4.60 barrier on March 23, signaling the start of an upward trend. This trend is indicated through the rising moving averages and RSI in the overbought zone. Traders may not secure much ground from the current level, initiating a further rise to $5.64.
Stacks topped the $3.40 overhead resistance on March 20, providing the uptrend stays steady. With the moving averages increasing and the RSI near the overbought zone, the bulls seem to have a key advantage. If Stacks manages to secure a price above $3.40, the uptrend could gain further traction—rallying the STX/USDT pair to $4.29.
The Fantom bears are pushing the price down toward the $1.02 level. Should they be successful, FTM/USDT could slide to the 20-day EMA ($0.89). The strength of the rebound from the 20-day EMA will indicate if buyers continue to be attracted to lower levels. If this takes place, the pair could return to the $1.23 level. A break above this level could open the pathway to advance to both $1.50 and, eventually, $2.
Published At
3/25/2024 1:51:05 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.