Bitcoin (BTC) had a new impulsive move overnight on March 22, with bulls reclaiming $43,000.
The RSI indicates underlying strength
On Bitstamp Tuesday, BTC/USD hit $43,337, the pair’s highest level since March 3.
The move contrasted with the absence of volatility seen since the weekend, and it fits in nicely with the positive forecasts for the near-term trajectory.
In fact, everything was going according to plan for popular trader Crypto Ed, who had set a low-timeframe aim of $43,000.
Meanwhile, fellow analyst Matthew Hyland was looking at a possible breakthrough situation for Bitcoin’s relative strength index (RSI) on the daily chart, a phenomenon that has frequently preceded price strength.
“BTC is just a few hundred dollars away from setting a new high. Is there a chance?” Kevin Svenson, a cryptocurrency market analyst, chimed in.
Bitcoin had already achieved an amazing weekly finish on Sunday, its best since early February, and now macro indicators were adding to the upward trend once more.
Additionally, the Hong Kong Hang Seng index was up 3.15% at the time of writing, indicating vigorous trading in Asian markets.
However, there was no evidence of a spillover effect in Europe, and U.S. futures were also drifting lower before Wall Street open.
Moreover, as indicated by data from on-chain monitoring resource Coinglass, the drive upward did manage to squeeze out some short positions throughout bitcoin.
However, at the time of writing, total 24-hour liquidations had reached $168 million.
Ethereum rallies to $3,000 in a copycat rise among altcoins
On the other hand, Cardano (ADA), which was up 5.8% in 24 hours to cap weekly gains exceeding 20%, lead the top 10 cryptocurrencies by market capitalization.
Comparatively, Polkadot (DOT) and XRP, two other prominent tokens, performed nearly as well.
The largest altcoin, Ether (ETH), climbed alongside Bitcoin to $3,000 before settling back under that psychologically important level.
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