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Bitcoin appears to have made a turnaround in March – the crypto soared over the weekend, hitting a major milestone by breaking what many analysts say is the “key resistance level” of $45,000. Bitcoin was hovering around $47,000 on March 28, a 6% jump in 24 hours and a 14% rise in a week, according to CoinMarketCap.
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“The token broke through a key resistance level last night, after trading around $44,000 for much of the week. It has now hit a three-month high and is now poised to reverse all of its 2022 losses. With the price of BTC at $45,000, all eyes will be on the range it settles into this week,” Simon Peters, market analyst at eToro, said in a note sent to GOBanking Rates.
Ether also recouped its losses in March, up 6.5% in the past 24 hours and 15% in the past week, trading around $3,300, according to CoinMarketCap.
Bloomberg reported that Bitcoin may meet its next level of resistance at $52,000 and if it breaks it could rise to $65,000 – not far from the all-time high it hit in November, according to Fadi Aboualfa, head of research at Copper.
Bitcoin is still down 31.7% from its all-time high of $69,044, which it reached on November 10, 2021, according to Coingecko.
Hayden Hughes, CEO of crypto social trading platform Alpha Impact, told GOBankingRates that since late January, we have seen a slow reversal in the institutional tide that had been ebbing since November.
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“Big institutions alongside big bitcoin and crypto investors started accumulating slowly in January and the pace picked up,” he said. “The price action in January was very sensitive to the perception of diminished liquidity. We have now seen the market price in rate hikes and even in armed disputes. Although it is the institutions that began this rally, retail trade picked up assets, as evidenced by sustained price movements over the weekends.
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