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29 March 2024
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Bitcoin celebrates the return to 50 thousand dollars


Bitcoin at 50 thousand dollars

After trading in the red for most of the daily candle on Sunday, Bitcoin returned to a price of $ 50,000 , rising from the ashes about 2 hours after the close of the week.

The BTC in fact closed in green for the sixth consecutive close of the weekly candle.

With Bitcoin trading near the top of its range at the time of writing, Taurus has managed to break through the 50,000 door.

There has been a lot of bullish momentum over the past month and a half and bullish traders will want to control the price above $ 50,000.

The Fear and Greed Index which measures how “greedy” traders are is reading 79 and +3 from yesterday’s reading which was already in the same category as ‘ Extreme Greed .’

The Master Player chart below shows that Bitcoin could be headed back towards the center of the range on the 1 million chart considering the 2012 ascending channel.

The chart believes that $ 100k is a naïve target and that BTC is preparing for much higher prices before this cycle ends.

Ethereum analysis

Ether bullish traders are trying to keep the price above $ 3k , which has proved to be a strong support resistance over the past week.

The longer the Bulls are able to maintain this level, the greater the likelihood that 3.5k and then 4k dollars will be tested.

If the Bears manage to send Ether under $ 3k, then they will set their sights on $ 2,870 and then $ 2,700. The bears remain to watch beyond the $ 3k level.

In The Signalyst chart below, it can be seen that Ethereum is currently bouncing in this large $ 3k- $ 3.5k range.

If bullish traders can send the price higher and break the strong resistance above $ 3.5k, then $ 4k looks like the next target with little resistance left across multiple time scales.

The 24-hour Ether price range is $ 3,126- $ 3,272, and the 7-day range is $ 2,983- $ 3,321. The average price of ETH over the past 30 days is $ 2,834.

ETH closed the daily / weekly candle on Sunday with a value of $ 3,238 and in green for the day.

Ethereum also closed the weekly in green figures after closing last week’s candle in red figures – ETH closed 5 of the past six weeks in positive.

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