Bitcoin price is trading around $42,722 at press time and is roughly flat over the past 24 hours. There is room for additional upside, although resistance at $46,700 could stall the price bounce. Bitcoin pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level.
BTC/USD 4-hour chart | Source: TradingView
Recent Bitcoin price bounces have lacked conviction among crypto-traders
Bullish sentiment is returning to crypto markets after a sluggish start to the year. The recent outperformance of altcoins indicates a greater appetite for risk among traders.
Bitcoin’s trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month-long downtrend. That means higher trading ranges are expected over the short term. The recent outperformance in altcoins such as Ether (ETH) relative to Bitcoin indicates bullish sentiment among traders.
“Ethereum has enjoyed another leg up Wednesday, jumping above $3,000 after yesterday’s first breach above this resistance level in three weeks. Shorts were piling up following yesterday’s breakout, leading to plenty of ETH liquidations today”, Santiment stated.
Source: Santiment
SportsIcon to open metaverse where athletes can interact with fans: NFT platform SportsIcon unveiled plans for a sports-focused metaverse that will allow athletes to interact with supporters. The Sports Metaverse will enable users to trade NFT, buy and develop land, and visit stadiums. The London-based company develops games where users can earn its native token, ICONS.
“Smooth Love Potion blasted off Wednesday to the tune of +30%. Altcoins have been excellent, and SLP was one of its high-end performers. The less than 2-year asset has seen 5.5% of its supply move off exchanges in the past five weeks”, Santiment reported.
Source: Santiment
Among the top 10 coins by market value, all coins were up 24 hours ago. The overall cryptocurrency market cap now stands at $1.779 trillion, and Bitcoin’s dominance rate is 42.1%.
Read more:
- Bitcoin Price Rose To A Three-Week High But It’s Too Early To Say Whether This Is A Sustained Rally
- Thailand’s Security And Exchange Commission Will Ban The Use Of Crypto As A Means Of Payment From April 1