Bitcoin Prepares to Break Through the $45-48K Range

Bitcoin rose 0.6% over the past week, ending it at around $46,400. Ethereum added 8%, while other leading altcoins from the top ten rose in price from 0.1% (XRP) to 30% (Solana).

BTC found a balance

According to CoinMarketCap, the total capitalization of the crypto market increased by 1.3% over the week, to $2.15 trillion. The Bitcoin dominance index over the same period of time sank by 1.5% points, to 40.7% due to the growth of altcoins.

At the beginning of the new week, the cryptocurrency index of fear and greed rose from 48 to 52, remaining within the neutral range.

Bitcoin has corrected down since Thursday along with the decline in stock indices. Noticeable resistance was provided by the $48K level with the 200-day moving average passing close to it. Over the weekend, the first cryptocurrency found a balance near $46K.

Bulls are preventing Bitcoin from falling

The FxPro Analyst Team emphasised that buyers manage to keep bitcoin from falling to the area of previous peaks near $45, turning the former resistance into effective support. However, a breakout of the 200-day moving average is still required to confirm bullish sentiment. Breaking out of the $45-48K range could signal the start of a broader trend in the direction of the breakout.

In early April, the commemorative 19 millionth coin was mined in the bitcoin network. At the moment, more than 90% of the total emission of the first cryptocurrency has been mined, which is limited to 21 million coins.

Bitcoin can reach $4.8 million if it acquires the status of a global reserve asset, according to VanEck investment company. However, this scenario is unlikely. The top contender for the status of world reserve currency is now the Chinese yuan.

by FxPro’s Senior Market Analyst Alex Kuptsikevich.