Bitcoin (BTC) saw a fresh impulse move overnight into March 22 as bulls briefly reclaimed $43,000.
RSI hints at underlying strength
The action contrasted with the lack of volatility since the weekend and neatly fitted with the more bullish predictions surrounding near-term trajectory.
For popular trader Crypto Ed, who had previously given $43,000 as a low-timeframe target, all was going as planned.
Fellow analyst Matthew Hyland, meanwhile, eyed a potential breakout scenario for Bitcoin‘s relative strength index (RSI) on the daily chart — a phenomenon that has often preceded price strength.
“BTC is a few hundred bucks away from the first higher high we’ve seen in a long time. Will it happen?” crypto market analyst Kevin Svenson added.
Bitcoin had already sealed an impressive weekly close on March 20, its highest since early February, and now, macro cues were adding to the positive momentum once again.
Trading was brisk for Asian markets on the day, the Hong Kong Hang Seng index up 3.15% at the time of writing.
In Europe, however, there was little sign of a knock-on impact, while United States futures were likewise trending down prior to the Wall Street open.
The push higher, nonetheless, did manage to squeeze out some short positions across cryptocurrency, as evidenced by data from on-chain monitoring resource Coinglass.
Total 24-hour liquidations stood at $168 million at the time of writing.
Ethereum returns to $3,000 in altcoin copycat rally
On altcoins, the picture likewise turned more rosy overnight.
The top ten cryptocurrencies by market cap were led by Cardano (ADA), which was 5.8% up in 24 hours to cap weekly gains nearing 20%.
Other major tokens fared almost as well, including Polkadot (DOT) and Ripple (XRP).
Ether (ETH), the largest altcoin, tapped $3,000 in step with Bitcoin‘s rally before consolidating immediately under that psychologically significant level.