Cryptocurrency Market Calls for $70,000 as Bitcoin Bulls Struggle to Reclaim $58k
The cryptocurrency market is on the move today in the upward direction after recording losses in the last two weeks, which came following Bitcoin’s new all-time high at nearly $62,000.
The green start of the week had BTC/USD going as high as $58,500.
This fight to reclaim the $58k level has open interest on perpetual swaps back above $15 billion, not seen since nearly a fortnight.
With these gains, the funding on Bitcoin perpetual contracts also climbed up. Currently, the highest reading of 0.1013% is on Bybit on Bitcoin’s Coin Margined Perpetuals and 0.1056% on FTX’s USD or USDT Margined Perpetuals, as per Viewbase.
Funding on Bitmex Bitcoin perpetual contracts also went above 0.1%, and according to data provider Santiment,
“When Bitmex funding rates get high, it's one of the best public examples of crowd greed. Vice versa when funding rates go negative, indicating fear.”
The renewed green has the market excited and looking for new highs soon.
As Bitcoin enjoys gains, crypto traders, including TheCryptoDog and SmartContracter, are now calling for $70,000 as the next target, with another trader who goes by Mr. Anderson on Twitter saying, “$100k is already written.”
— The Crypto Dog📈 (@TheCryptoDog) March 29, 2021
Still, others like trader Rekt Capital believe Bitcoin may take some time in its consolidation phase before it makes its way up for good to new highs, yet again.
“I wouldn't be surprised if BTC continues its consolidation for a couple more days as per the red box, even if we do see some unsustainable upside wicking in the meantime. Throughout 2021, we've seen consolidation periods form during retrace bottoms where upside wicks were common.”
Breaking above $59k, however, will help the Bitcoin price reach new highs, he added.
To visualise your logics then parallel trend lines confirm the same thing. pic.twitter.com/SPpZYkQzBr
— Groke (@CryptoGroke) March 29, 2021
March is also coming to an end, which historically hasn’t been a bullish month. While this month wasn’t exactly bearish, having climbed from $43k to $62k only to make our way to about $50k last week, April holds promise. Eight out of ten times, April has been a green month, that too in double-digits.
The new quarter is also expected to bring even more bullishness, as historically it has been the best quarter.
With three days left in the month to end, Bitcoin meanwhile is looking to deliver its best Q1 in years with more than 100% returns.