Bitcoin hits $74.4K six-week high as analysts see ‘more upside’ for BTC

Bitcoin (BTC) recovered caller spot during the aboriginal Asian trading hours connected Monday arsenic bulls eyed further short-term gains. 

Key takeaways:

• Bitcoin terms rises to a six-week precocious of $74,400 connected Monday, liquidating $300 cardinal successful shorts.

• The 50-day moving mean supra $71,120 is simply a cardinal enactment level to ticker for BTC/USD going forward.

Bitcoin leads marketplace successful caller alleviation bounce

Data from TradingView showed 2.5% regular BTC terms gains, with BTC/USD rising arsenic precocious arsenic $74,400 for the archetypal clip since Feb. 4.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Ether (ETH), the largest altcoin by marketplace capitalization, was trading astatine $2,250 astatine the clip of writing, up 7% implicit the past 24 hours. Fifth-placed XRP (XRP) has gained astir 5% implicit the past time to commercialized conscionable supra $1.48.

Solana (SOL) has besides posted important gains among the apical 10 cryptocurrencies, up 6% implicit the aforesaid period. As a result, the planetary crypto marketplace capitalization is up 4% implicit the time to $2.49 trillion connected Monday.

Performance of top-cap cryptocurrencies: Source: CoinMarketCap

“Bitcoin pumped $1,800 successful conscionable 30 minutes, hitting a 40-day precocious of $74,300,” expert Bull Theory said successful the latest station connected X, adding:

“It’s astonishing however hazard assets are performing amended than safe-haven assets similar golden and metallic during an progressive war.”

Bitcoin’s alleviation rally is accompanied by important abbreviated liquidations crossed the crypto marketplace totaling $300 cardinal implicit the past 24 hours. Meanwhile, Bitcoin futures open interest (OI) continued to rise, with monitoring assets Coinglass showing a 6% leap to $49.2 cardinal successful the past 24 hours.

Commenting connected the data, Coinglass said that the aforesaid signifier of the OI rising successful tandem with the terms “preceded the past volatility spikes,” adding:

“New substance is gathering again.”

Bitcoin OI vs. terms connected Binance. Source: X/CoinGlass 

Bulls reclaim the 50-day BTC terms inclination line

Bitcoin’s latest betterment saw it reclaim a cardinal enactment level successful the signifier of the 50-day simple moving average (SMA) astatine $71,120.

“Impressive spot connected BTC contiguous - acceptable to adjacent a regular candle supra its 50MA for the archetypal clip successful 55 days,” said trader and capitalist MacroSRG successful a Monday station connected X.

BTC rallied 33% successful conscionable a period pursuing the past clip the terms reclaimed this inclination enactment aft a agelong play of trading beneath it.

BTC/USD regular chart. Source: Cointelegraph/TradingView

Bitcoin is besides “set to adjacent 8 consecutive regular greenish candles for the archetypal clip since December 2020,” expert Max Crypto said successful an X post, adding: 

“Last clip this happened, BTC rallied 145% successful conscionable 2 months.”

Echoing this, MN Capital laminitis Michael van de Poppe said that portion Bitcoin continues to physique momentum, its valuation against golden “rallies substantially,” adding:

“There's much upside to come; $ETH broke retired of the range, which means it's a substance of clip until Bitcoin continues the rally towards $80K.”

BTC/USD regular chart. Source: Michael van de Poppe

Along with the 50-day SMA, the BTC/USD brace now besides trades above different key semipermanent levels, including the 200-week exponential moving mean (EMA) and the aged 2021 all-time precocious astatine $68,300 and $69,400, respectively.