Bitcoin on March 22 – BTC returns to bullish market conditions


Crypto Whale Feast – Whales accumulate 328,000 BTC in a month, and this demonstrates their confidence in the long-term potential of Bitcoin. At the same time, giants like MicroStrategy and BlackRock are doing the same and continuing to accumulate BTC.

After the FED speech, the price of Bitcoin exploded higher, but resistance is found around $67,000. If BTC has not clearly broken the ATH of 2021, on-chain data shows that BTC is again in conditions similar to 2017 and 2021. Return of the bull run for the king of cryptocurrencies? Here is the bulletin for March 22!

The price of Bitcoin falls slightly in 24 hours (-1%)

For the moment, buyers are unable to push hard enough to return beyond $70,000. In fact, the price of Bitcoin drop slightly in 24 hours :

Bitcoin price falls slightly in 24 hours - March 22, 2024. Bitcoin price falls slightly in 24 hours - March 22, 2024.
Bitcoin performance against different pairs. Source: Coincheckup

Now, BTC shows a drop of more than 2% in one week. However, the course remains increase of 27% in one month and of more than 50% in three months. The king of cryptocurrencies loses ground in 24 hours against Ethereum, but the BTC/ETH pair climbs by more than 2% in one week.

More than 95% of addresses are gaining, as in 2017 and 2021

The recent rise has propelled the king of cryptocurrencies beyond its 2021 ATH. Logically, when the price marks a historic high, the almost all operators are in profit. Here is an on-chain indicator that allows you to follow theevolution of the percentage of addresses in profit on Bitcoin:

Currently, more than 95% of addresses are in profit on Bitcoin - March 22, 2024. Currently, more than 95% of addresses are in profit on Bitcoin - March 22, 2024.
Percentage of addresses in profit on Bitcoin. Source: Glassnode

This indicator was effective in identify favorable long-term buy points so far. In fact, the returns below 50% allowed you to buy the market lows of 2018, 2020 and 2022-2023. Currently, most operators are in profitmarket conditions reminiscent of bull run of 2017 and 2021. Historically, the price is bull market when more than 95% of addresses are in profit. Be careful, this period sometimes lasts several weeks or several months, but sooner or later it leads to a deflation on indicator. For this, it will be necessary check the trend of Bitcoin and cryptocurrencies.

Bitcoin price stuck at $67,000

Yesterday, BTC experienced a rejection at the level of the resistance at $67,000. For the moment, the price is locked in a dynamic with descending troughs and peaks in 4H time unit. However, the course managed to bounce off support level at $64,500 :

The price of Bitcoin stalls at $67,000 and bounces off the support at $64,500 – March 22, 2024. The price of Bitcoin stalls at $67,000 and bounces off the support at $64,500 – March 22, 2024.
Bitcoin price against the dollar (4H)

To resume a bullish momentum in 4H, it would be necessary to develop beyond the resistance at $67,000 and above the last high marked at $68,300. In case of new rejection at the level of the resistance at $67,000A back to $64,500 or even to $61,500 is possible. The goal of buyers is now to keep the last low to avoid continuing the bearish dynamic. The RSI blocks on the bearish trendline. As long as the RSI is located below this trendline, it will remain fragile.

With the recent all-time high marked on Bitcoin, more than 95% of operators are once again in profit. A situation reminiscent of the bull markets of 2017 and 2021. Will BTC be able to continue its rise? To do this, we will have to be able to regain $67,000 as support, and regain bullish momentum. For its part, Fantom (FTM) is exploding upwards, will altcoins also express themselves if BTC lateralizes?

BITCOIN NEWS THAT COUNTS

  • Whales accumulate 328,000 BTC in a month, and this speaks to their confidence in the long-term potential of Bitcoin. Meanwhile, giants like MicroStrategy and BlackRock are boosting their BTC reserves.

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