Since it began heading higher one week ago, the crypto is up 17% on the day.
After falling to as low as $32,000 in late January and retesting that level in late February, Bitcoin (BTC) has been on the rise for all of March, with its recent string of gains pushing the cryptocurrency narrowly into positive territory for 2022.
The cryptocurrency has been relatively steady over the previous 24 hours, but it is up 17 percent since its surge began last week. If it ends the day again, it will be up for the eighth day in a row. Analysts are bullish on bitcoin’s potential.
According to Arcane Research, the $47,500 area has been significant technical resistance since early 2021. Arcane Research also cited a Goldman Sachs analysis, which stated that more than half of examined institutions now had cryptocurrency exposure, up from 40% a year earlier. “We could expect increasing institutional adoption and financialization of bitcoin using financial instruments routinely utilized in traditional financial markets in the future.” “According to Arcane Research.
According to IntoTheBlock Insights, bitcoin has “strong hands,” noting that the number of bitcoins that haven’t moved in more than a year is currently just shy of 12,000. “Hodlers amass while weak hands flee the market,” “According to the firm’s experts.
“Bitcoin got a little too stretched to the downside,” Mike McGlone, a senior strategist at Bloomberg Intelligence, said. “And now it’s returning to the trend, the middle of the range, somewhere around $50,000; $30,000 is extremely excellent support.”
“I believe there will be more and more receptive purchasers,” McGlone added. “We are witnessing a shift in equity pricing.” People are eager to acquire bitcoin in depth in the same way that they sell stocks.”