Bitcoin surges to highs of $41.7k while Ethereum nears $3k reclamation

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.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bet placed on $46,000

Data from Cointelegraph Markets Pro and trading view BTC/USD followed as it surged from daily lows around $1,650 to near the March 16 high of $41,700.

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.

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.

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.

Related: Bitcoin Could Post $37.5K Drop Over Weekend Before ‘Major Move’ Next Week, New Report

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.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView

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.