NewsletterBitcoin (BTC) Gives A Major Breakout to $47,000, Its 200 DMA Coming Soon?
The world’s largest cryptocurrency has shot up another 5%% on Sunday eve moving past $47,000 for the first time in three months. As of press time, BTC is trading 4.93% up at a [rice of $47,943 with a market cap of $891 billion.
With its latest move, Bitcoin has given a major breakout above the resistance of $45,925. As we can see the candle formation in the below image, Bitcoin is now making a move towards its 200-day moving average (DMA) of $48,278.
As on-chain data provider Santiment explains, Bitcoin has returned past $47K levels for the first time in 11-weeks after January 4. In the last three months, Bitcoin has been through a rough journey of inflation, war, and COVID-19 fears, but managed to overcome all. As of now, the average trading returns for Bitcoin are at their highest in 6 weeks.
Furthermore, data from Glassnode also shows that a staggering 81% of Bitcoin supply is currently in profit.
According to glassnode, the percent supply in profit of BTC has reached 81.807%, the percent supply in profit of ETH has reached 86.432%, both of which are the highest profit levels this year. pic.twitter.com/IO1qBU4fDm
— Wu Blockchain (@WuBlockchain) March 28, 2022
Altcoin Market Pose Strong Gains
The recent Bitcoin price rally comes with a strong 4% surge in the broader crypto market. Along with Bitcoin, Ethereum too is up 4.67% up and is currently trading above $3,300 levels. It has been showing moves quite closer in tandem with Bitcoin.
Currently, both BTC and ETH are up by more than 15% on the weekly chart. As CoinGape reported, the whale holdings for Ethereum have been on the rise. Furthermore, as per Bloomberg’s discounted cash flow model, analysts believe that the ETH price can rally to $8,000 this year in 2022.
Other altcoins have also been making a strong move. Cardano (ADA) has been the top performer with a staggering 35% gain on the weekly chart. As of press time, ADA is trading at $1.17 with a market cap of $39.5 billion.
On the other hand, Terra’s LUNA is up 3.5% and is currently trading at $94 with a market cap of $33.4 billion.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Another Solana ETF Incoming? Invesco Galaxy Makes Final Filing to Begin CBOE Trading
- Bitcoin, Crypto Market to Remain Range-Bound After FOMC Meeting, Matrixport Predicts
- TRUMP Coin Gets Big Utility Boost With President Trump–Inspired Game Set for Launch
- Avalanche, Crypto Associations Held Key Meeting with US SEC Crypto Task Force
- Tidal Trust Files For ‘Bitcoin AfterDark ETF’, Could Off-Hours Trading Boost Returns?
- XRP Price Eyes Big Breakout as Triangle Pattern Signals 16% Move
- HYPE Price Drops 7% as $2.2M Shift and 10M Token Unlocks Stir Fear — What’s Next?
- Ethereum Price Breaks $3,390: What’s Driving 10% Surge?
- Shiba Inu Price Surges as Whale Transfers Hit Highest Levels Since June
- Bitcoin Price Alarming Patterns Point to a Dive to $80k After FOMC Decision
- Pi Network Price Could Surge to 15%, But Watch Out for This
