Bitcoin and the broader crypto market have shot by 5 percent resulting in major short liquidations.
Bitcoin is trading well above its 50 DMA signaling strength and is on its way to cross 200 DMA to confirm the bull trend.
After nearly months of strong volatility, Bitcoin (BTC) has finally recovered all its losses for the year 2022. Earlier today, Bitcoin gained another 5 percent moving past $47,000 for the first time since January 4. As of press time, Bitcoin is trading at $46,960 with a market cap of $890 billion.
The current trading price is quite critical as Bitcoin manages to give a bullish crossover over the MACD like on a daily closing basis.
Pretty damn hot weekly close for #bitcoin, and bullish cross over on the MACD!!! pic.twitter.com/nuPk22RbQz
— Lark Davis (@TheCryptoLark) March 28, 2022
All eyes will be on the next important resistance i.e. the 200-day moving average (DMA) which is currently at $48,278. Beyond these price levels, Bitcoin will set up the case for the
