Bitcoin (Bitcoin) saw brisk upward movement during the March 18 Wall Street trading session, in line with predictions that higher levels would be tested again.
Bet placed on $46,000
The movement buoyed traders, who began to reiterate their near-term view that levels near the top of Bitcoin’s 2022 trading range are in question.
However, for popular trader Pentoshi, such a result would not mean that BTC/USD has finally broken its downtrend.
“The macro headwinds are still too strong but I think we will recover from seller exhaustion in the medium term before making new lows or previous lows. So late in the second quarter trend up and then down,” he said told Twitter followers that day.
Cold feet over macro conditionsAs Cointelegraph reported, this week became a hot topic, with multiple predictions of a major drop in major assets, including BTC, to come this year.
Analyst Matthew Hyland, meanwhile, noted that former resistance around $40,000 now appeared to be increasingly turning to support.
Looks like #Bitcoin has used former resistance ($40.3k) as new support for the past few days
Let’s see if the rally continues: pic.twitter.com/PkkVYZ1LCG
— Matthew Hyland (@MatthewHyland_) March 18, 2022
Previously, Crypto Ed had delivered a short-term forecast of $43,000 for BTC/USD ahead of a possible new consolidation period, only then followed by an exit to the upside or down.
In a subsequent update, he showed that the pair has broken out of a bull flag formation over the past few days.
ether (ETH), but was a more interesting focus of the day.
— Ed_NL (@Crypto_Ed_NL) March 18, 2022
At the time of writing, Bitcoin is circling $41,500 with volatility still elevated.
All aboard for a summery “old season”?
On the subject of altcoins, the top ten cryptocurrencies by market cap showed mixed movements on March 18th.
ETH and avalanche (AVAX) topped the list, each up over 5% in 24 hours, but in contrast, other tokens remained largely flat.
ETH/USD thus returned to $3,000 after surging 15% over the past week.
The moves reignited talk of an “altseason” appearing, with various commentators arguing for a new golden era for altcoins in the coming months.
The popular Twitter account BTCFuel offered the summer as a possible price spike.
2/ To assess when the next one is #ageseason peak will come, i will look at charts of #Bitcoin, #Ether and the dominance of #altcoins of the various past altseasons. By getting them “right” structurally, I found this tentative target zone where the climax should occur pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel) March 17, 2022
https://cointelegraph.com/news/bitcoin-spikes-to-41-7k-highs-as-ethereum-nears-3k-reclaim Bitcoin surges to highs of $41.7k while Ethereum nears $3k reclamation