Bitcoin (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.

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.