Bitcoin spikes to $41.7K high as Ethereum approaches $3K clawback

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Bitcoin (BTC) saw brisk upward action during the Wall Street trading session on March 18, in line with predictions that higher levels would see another test.

BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView

Bets placed on $46,000

Data from Coin-Crypto Markets Pro and Trading Display followed BTC/USD as it moved $1,650 from the daily lows to near Wednesday’s high of $41,700.

The move boosted traders, who began strengthening their short-term view of levels near the top of Bitcoin’s 2022 trading range being challenged.

For popular trader Pentoshi, however, such a result would not mean that BTC/USD had finally broken its downward trend.

“Macro headwinds are still too strong, but in the medium term I think we’ll collect seller exhaustion before hitting new lows or previous lows. So lean up and then down in late Q2,” he said. he. told Twitter followers on the day.

Cold feet on macro conditions, such as Coin-Crypto reportedbecame a big deal this week, with multiple forecasts of a major decline in major assets, including BTC this year.

Analyst Matthew Hyland, meanwhile, noted that at least previous resistance around $40,000 is now increasingly turning towards support.

Previously, Crypto Ed had a near-term forecast of $43,000 for BTC/USD for a potential new consolidation period, but then followed by an up or down exit.

In a subsequent update, he revealed that the pair has been breaking out of a “bull flag” formation in recent days.

However, Ether (ETH) was a more interesting focus on the day.

At the time of writing, Bitcoin was circling $41,500 with still heightened volatility.

All aboard for a summery “alt season?”

As for altcoins, the top ten cryptocurrencies by market capitalization saw several moves on Friday.

Related: Bitcoin Could See a $37.5K Weekend Dip Before ‘Bigger Move’ Next Week – New Report

ETH and Avalanche (AVAX) topped the list, each up more than 5% in 24 hours, but other tokens, on the other hand, were mostly flat.

ETH/USD thus returned to $3,000 after gaining 15% in the past week.

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

The moves sparked conversation about the appearance of “altseason,” with several commentators advocating a new golden age for altcoins in the coming months.

The popular Twitter account BTCFuel offered the summer as a potential price spike.

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