Bitcoin roars back to life in a sensational $47k
$47k – The flagship cryptocurency Bitcoin has bounced back to life with a consistent rally over the past few weeks to go passed $46k to a more predefined position in 2022.
It maintained a trading range of $47k which is perceived to have attract high affinity by traders and may be considered as Bitcoin best weekly close of the year so far.
Bitcoin trades at about $47k above the upper limit of the $35k-to-$45 since the beginning of 2022.
In view of this, crypto has gained about 0.6% so far this year.
- Bitcoin has been stuck in a tight spot as Federal Reserve and Central banks withdraw some of the stimulus measures to checkmate the effect of the pandemic. Having seen this, there’s relatively less fund left to invest in risk assets like cryptocurrency.
- There has been speculations that crypto could be used to circumvent the Russian sanctions, crypto market has come under intense scrutiny to eliminate any possible chance that could see it work in favor of Russia.
- Standing tall is another of those bitcoin moments with a possible shift in narrative, proportionately pulling investors into the flagship crypto, where the price of bitcoin will soar higher.
- Close review of the price action shows it’s trading at the top of the 2022 for the record fifth time, spotting another bitcoin moment.
- Aside growth in crypto assets under management in March, aggregate trade volumes came to 30% to $259 million, according to a report from Cryptocompare this breaks down a downward trend for the fifth consecutive month.
The existing performance is flat in contrast to the stock market, which traded higher after Russia and Ukraine officially announced progress in cease fire talks.
Good vibes seem to be holding up among retail and institutional crypto buyers. MicroStrategy is back in business with the computing giant announcing another $205 million bitcoin purchase driving its total holding to over $5 billion.
The fear and greed index that measures customer sentiments is also holding steady, currently sat in greed where it has been for days having yesterday touched its highest level since November in a sign that optimism is returning to the market.
Particularly, market participants should keep in mind that anytime we have shown the slightest sign of greed this spring and volume remain stubbornly low. Will the same happen again.