Bitcoin (BTC) saw fresh gains the night before March 22 when the bulls briefly pulled $43,000.
BTC/USD 1-hour light chart (bit-mark). Source: Trading View
RSI Assumes Core Strength
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $43,337 on Bitstamp on March 22, the highest level for the pair since March 3.
This figure contrasts with the lack of post-weekend volatility and aligns well with more optimistic expectations for a short-term trajectory.
For popular trader Crypto Ed, who previously received $43,000 as a low-level target framework, everything went according to plan.
Meanwhile, co-analyst Matthew Hyland saw on the daily chart a potential breakout scenario for Bitcoin’s RSI (Bitcoin Relative Strength Index), a phenomenon that often took precedence over price strength.
1-day BTC/USD (Coinbase) chart with RSI. Source: Matthew Hyland / Twitter
“BTC is only a few hundred dollars below the highest high we have seen in a long time. It will happen?” Kevin Svensson, an analyst of the crypto-currency market, added.
Bitcoin has already achieved an impressive weekly close on March 20, its highest level since early February, and now macro signals are once again contributing to the positive momentum.
Asian markets were active today, with Hong Kong’s Hang Seng index up 3.15% at the time of writing.
However, there were few signs of impact in Europe, while in the US, futures also fell ahead of the Wall Street opening.
Higher pressure is still capable of squeezing some cryptocurrency short positions, as evidenced by network monitoring resource Coinglass.
At the time of writing, the total liquidation in 24 hours was $168 million.
Cryptographic filter scheme. Source: Coinglass
Ethereum returns to $3,000 in fake rally
For altcoins, the picture also became more rosy overnight.
Related: Price Analysis 3/21: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Cardano (ADA) topped the top ten in terms of cryptocurrency market capitalization, climbing 5.8% in 24 hours, capping the weekly gain close to 20%.
1-day ADA/USD chart (Coinbase). Source: Trading View
Other major coins including Polkadot (DOT) and Ripple (XRP) have shown almost the same results.
Ether (ETH), the largest altcoin, fell $3,000 in line with Bitcoin’s rally before settling just below a psychologically important level.