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Wednesday, March 22, 2023

Bitcoin Price May Finally Be Looking Upwards

Bitcoin managed to follow through with its pattern of sudden spikes in its price on the 24th of November, as a quick shift in the momentum increased its price above $57,400. According to data that was reported from Cointelegraph Markets Pro and TradingView, it was highlighted that the BTC/USD made pretty skittish moves within a range that were quite familiar on Wednesday. The pair then reached their highs of $57,875 on Bitstamp over the last 24 hours, after which the support from the buyers went down to a resistance of $60,000. 

Bitcoin Price On A Roller Coaster Derby

Amid an overall disappointing crypto market, quite a few traders took the chance to highlight the ongoing similarities between the previous bull-market years as well as 2021. TechDev, a popular account on Twitter, went on to focus on the Fibonacci levels and the behavior of Bitcoin around them- which, to be fair, the cryptocurrency has conformed exactly to.

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This idea seemingly feeds into a prediction of the current cycle not managing to go beyond $300,000. In previous comments, the Twitter user agreed that it was time for the relative strength index of this cryptocurrency to return, with a price following. 

Although Bitcoin had a pretty tame day by its standards, there were several altcoins that went on to see more decisive moves on Wednesday. Ethereum went on trade upwards of 4.7%, with a price set at $4,290, which turned out to be the strongest performance amongst the top 10 cryptocurrencies by market cap.

Barry Silbert, the CEO, and founder of Digital Currency Group- an investment giant, recently tweeted comments about Zcash, which led to it going through a rally of 26%. On Wednesday, Silbert attempted to increase the price of Bitcoin before the latest spike. 

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