Bitcoin (BTC) posted a rapid rally during the Wall Street trading session on March 18, in line with expectations of a higher-level retest.

Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Place bets on $ 46,000
Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as they climbed from daily lows of $ 1,650 to the highest level near $ 41,700 since March 16.

The move supported traders beginning to cement their short-term vision for levels near the top of the 2022 Bitcoin trading area.

For the popular trader Pentoshi, however, this result does not mean that BTC / USD has finally broken out of its downward trend.

“The general headwind is still very strong, but in the medium term I think we will spread over sales fatigue before we break new lows or previous lows. So it tends to go up and then down at the end of the second quarter,” he told Twitter followers. same day.

As the Cointelegraph reported, cold feet became a major problem this week due to macro conditions as there were many expectations of a withdrawal of major assets this year, including bitcoin.

Meanwhile, analyst Matthew Hyland noted that, however, the previous resistance near $ 40K now looks more and more like support.

Previously, Crypto Ed gave a short-term forecast of $ 43,000 BTC / USD before a possible new consolidation period and only after that would an exit follow either up or down.

In a later update, it was revealed that the couple has come out of the bull flag formation that has existed in recent days.

Ether (ETH), however, was the most interesting focus of the day.

At the time of writing, Bitcoin is trading at $ 41,500 with still high volatility.

Everyone on board for this summer’s “alternative season”?
When it comes to cryptocurrencies, the top 10 cryptocurrencies by market value saw different movements on March 18th.

Related: Bitcoin May Fall $ 37.5K Over the Weekend Ahead of Next Week’s “Big Move” – ​​New Report

ETH and Avalanche (AVAX) topped the list, and each received more than 5% in 24 hours, but in contrast, other coins were largely unchanged.

Thus, the ETH / USD rose to $ 3000 again, 15% more than last week.

ETH / USD 1-day light chart (bit stamp). Source: Trading View
These moves have revived talk of an “alt-season”, with many commentators claiming that a new golden age for altcoins will begin in the coming months.

The popular Twitter account BTCFuel described the summer as a potential price peak.

Source: CoinTelegraph

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