The mood in the cryptocurrency market has seen a marked improvement in the last week as prices are rising with Bitcoin (BTC) is now trading near $48,000 while Ether (ETH) trying to stay above $3,400.
Data of Markets Cointelegraph Pro and TradingView It shows that Bitcoin price has been hovering around $48,000 since breaking above $45,000 early on March 28 and the bulls are now debating whether a run to $80,000 is on the cards.
Here is a look at what various analysts in the market are saying about the prospects for BTC to advance and what levels to watch in the event of a price pullback or another breakout to the upside.
Bitcoin breaks above its 1-year moving average
"Keeping it simple is usually best," according to independent market analyst Philip Swift, who aware The chart below shows the price of Bitcoin relative to its 1-year moving average (MA).
Swift said,
โThe price is now above the 1-year MA. Historically, this is an important level for Bitcoin that signals the start of an uptrend."
Entry possible at $45,000
Information about a potential entry point in the event of a Bitcoin price pullback was addressed by cryptocurrency trader and pseudonymous Twitter user 'Phoenix', who aware The chart below outlines a possible path that BTC could take in the coming weeks.
phoenix said,
โThose who missed out on the jackpot can look forward to a perfect buy-in with a $45,000 retest. But, BTC often does not give perfect returns. Clearly bullish after this clear break above the range in my opinion."
Related: Bitcoin Kitchen Table: How Should Average Investors Approach Crypto?
Little resistance between $47,500 and $57,000
As for areas to watch if BTC continues to rise, market analyst and pseudonymous Twitter user 'Rekt Captial' aware the chart below suggests that the price could soon be heading towards $57,000, laying bare any major hurdles.
rektcapital said,
โTechnically, if BTC flips the ~$47,000 monthly black level to support this MarchโฆThere is little major monthly resistance until ~$57,000 (red).โ
The total cryptocurrency market capitalization is now $2.151 trillion and the dominance rate of Bitcoin is 42.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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