After tumbling to as low as $32,000 in late January and then retesting that level in late February, Bitcoin (BTC) has been on the rise for much of March, with its current streak of gains bringing the crypto just into positive territory for 2022.
The cryptocurrency was roughly flat for the last 24 hours, but is up 17% since it began its ascent last week. If it finishes the day with a gain, it would be up for eight straight days. Analysts are optimistic about bitcoin's prospects.
- Checking the technical picture, Arcane Research says the $47,500 area has been important technical resistance since early 2021. Arcane Research also referenced a Goldman Sachs report that said more than half of surveyed institutions now have crypto exposure, up from 40% a year ago. “We should expect further institutional adoption in the future and increased financialization of bitcoin through financial instruments commonly used in traditional financial markets," Arcane Research said.
- IntoTheBlock Insights said that bitcoin has a look at “strong hands,” noting the number of bitcoins that haven’t moved in more than a year is now just shy of 12,000. “Hodlers accumulate while weak hands leave the market," analysts from the firm said.
- “Bitcoin got a little bit too stretched to the downside,” said Mike McGlone, a senior strategist at Bloomberg Intelligence. “And now it's going back to the trend, the middle of the range, basically around $50,000; $30,000 is very good support.”
- “I think it's going to see more and more responsive buyers,” McGlone continued. “We are seeing the transition from equity prices. People are willing to buy bitcoin in depth as they sell on the stock market.”
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