The crypto market is known for its price fluctuations. Over the years, several crypto coins and tokens have performed beyond expectations in a bullish or a bearish way. All of this indicates how the market can swing in any direction. The leading crypto token, Bitcoin, has managed to shock the crypto community on its own from time to time.
The performance of Bitcoin is highly crucial for the rest of the crypto market. It has a strong influence on market trends and price patterns of various altcoins. This is why experts and analysts also keep a keen eye on the price movement of Bitcoin. Moreover, BTC’s price is also impacted by certain global factors. International events can drive new trends into BTC’s chart.
Bitcoin reaches a 3-week high in the crypto market
The price of Bitcoin has struggled to gain any strength or momentum in the last few weeks or so. However, Bitcoin has taken a sigh of relief in the last 24 hours or so. The bulls have shown some confidence by reclaiming the $43,000 mark for some time.
At the time of writing, Bitcoin is valued around $42,700. The 5-day chart below shows how bitcoin has progressed under the date of March 22. Bitcoin has retraced from over $43,300 to around $42,700. By breaching $43,000, Bitcoin touched a 3-week high in the crypto market. This shows how the coin had been struggling previously.
Experts had predicted a lack of volatility in Bitcoin since the weekend. BTC’s 24-hour liquidation is at $168 million. Therefore, the token’s price surge nullified the hypothesis and validated a more bullish prediction about the coin’s short-term goals.
Several experts are also eyeing a breakout for Bitcoin’s Relative Strength Index (RSI). It will depict the strength of Bitcoin’s price. The last week was also a positive one for Bitcoin in the crypto market, considering how the coin had plunged in February. Thus, this latest price rally is an added compliment to Bitcoin’s price trend.
On the other hand, the second-most valuable crypto token, Ethereum, has also progressed by copying the price rally of Bitcoin. In a positive development, Ethereum has regained the $3,000 mark. The $3K mark is a psychologically crucial price mark for the token. Thus, it might reap long-term positive results for the coin. Apart from Ethereum, ADA, DOT, and XRP have also shown a somewhat similar strengthening price trend.
