26.02.2024

Bitcoin resumed the bullish trend – analysts point to the rise in the BTC rate to $ 70,000

Over yesterday, bitcoin broke through important resistance with a rise of 8% per day. The first cryptocurrency hit its highest in the last two weeks at $ 55,552, being within 6% of its all-time high.

Against this background, the capitalization of BTC again exceeded $ 1 trillion .

Analyst Preston Pisch points out that the MACD indicator crosses the signal line upward on the daily chart, which is usually considered a buy signal.

The same situation arose in early February, before the cryptocurrency hit all-time highs above $ 58,000.

«Fate awaits ,» writes a filbfilb analyst, pointing to targets around $ 70,000 and above based on the Fibonacci extension.

Fibonacci extensions for bitcoin

Glassnode notes that Bitcoin has formed major support around the $ 47,000 level. Analysts estimate that it is the most reliable since the price climbed above $ 11,000. 1.2M BTC was moved between $ 45,500 and $ 48,900 after the market bounced off the lower limit of this range. This volume corresponds to 6.5% of all BTC coins available for circulation.

bitcoin formed major support around the $ 47,000 level

“There is an important question to be resolved: is this volume a reflection of the accumulation of assets or the flight of sellers to the exit ,” added the analysts.

The balance of bitcoins in the wallets of cryptocurrency exchanges continues to decline and recently hit a new two-year low.

Balance of bitcoins on exchange wallets

At the same time, Bitcoin broke the correlation with the stock market. Shares of companies such as Apple, Google and Tesla were down 4-5% on Monday. The Dow Jones ended the day with a 1% gain. Over the past months, Bitcoin has moved in tandem with technology stocks.

“Bitcoin and Ethereum are bullish again, while big money continues to bet on cryptocurrencies. Institutional interest looks strong, ” Edward Moya, senior analyst at Oanda , told Bloomberg.

Bitcoin continues to rank first in terms of profitability in the weekly reports of Goldman Sachs. For the first time, the cryptocurrency was included in them at the end of January. By the time the last report was released on March 4, bitcoin’s growth since the beginning of the year was 70%, which is double the next energy sector.

Bitcoin # 1 in terms of profitability in Goldman Sachs report

The cryptocurrency stands out even more against the background of the SP 500 index. The sell-off of American companies’ shares has led to the fact that the index was at near-zero values ​​since the beginning of the year. The last line in the list is occupied by gold, which is negatively affected by the growth of government bond yields.

Altcoins have been growing along with bitcoin in recent days. So, ether rose by 8.5%, Binance Coin – by 13%, and indicators for the space of decentralized finance in some places are up to 30%. According to the Nomics service, the trading volume in the cryptocurrency market has grown by 18% over the past 24 hours.

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