Bitcoin soars to $41K after a late surge on March 18 which challenged other higher levels for both ETH and BTC as the former is about to hit the $3,000 level once again so let’s read more today in our latest altcoin news.
Bitcoin saw a brisk upwards action during the Wall Street trading session and conformed to predictions that the higher levels will see a retest. The data from TradingView followed BTC/USD and advanced $1650 from the daily lows to matching the $41,700 high. The move buoyed traders who started to reinforce the short-term view of levels near the top of BTC’s 2022 trading range that was challenged. For the trader Pentoshi, this result will not mean that BTC/USD broke its downtrend definitely as he noted:
“Macro headwinds still too strong but midterm, I think we rally bc seller exhaustion before any shot at new lows or prev lows. So lean towards up then down imo late Q2.”
$ETH stronger than BTC and already at the resistance I pointed out this morning.
Break it and $3200 is on the table pic.twitter.com/aHDAu69Qh7
— Ed_NL (@Crypto_Ed_NL) March 18, 2022
The cold feet on macro conditions became a huge issue this week with some other predictions of a major drawdown on major assets including BTC coming this year. The analyst Matthew Hyland in the meantime noted that the previous resistance was around $40,000 and was increasingly looking flipped to support. Crypto Ed also delivered a forecast at $43,000 for the pair before a new consolidation prediction but then was followed by an exit up or down.
He showed the pair breaking of the bull flag formation happening in the past few days. Ether was more interesting on the day and at the time of writing, BTC circled $41,500 with some volatility till heightened. On the top of altcoins, the top ten coins by market cap saw varied movements onMarch 18. Both ETH and Avalanche led the list and each increased over 5% over the past 24 hours but other tokens were quite flat. ETH/USD came up on $3000 once again as it advanced 15% over the past week.
1/ When #ALTSEASON THREAD
In this thread I am looking at #crypto market structures to assess when an #altcoin market peak should happen and as a consequence #altseason, which happens in the weeks before the peak pic.twitter.com/vwXOnNBbVs
— BTCfuel (@BTCfuel) March 17, 2022
Bitcoin soars to $41K once again and the moves started a new alt season happening with some various commentators arguing for a new golden era for the altcoins in the upcoming months.
As earlier reported, Most cryptocurrencies traded higher after a volatile week and Ether outperformed the market, climbing by 5% in the past 24 hours, shy of $3000 for the first time in two weeks. In the meantime, BTC increased above $42,000 and was up by 3% over the same timeframe. The Equities were also higher while gold and traditional safe-haven assets traded lower.
