The price of bitcoin rose suddenly to a fresh height of approximately $45,000 in just one night on 27th March when everybody knew that the week will end on a bullish note. The data from TradingView and Cointelegraph Markets Pro portrayed that BTC/USD is rising to new heights after they faced rejection at a level above $45,000.
Bitcoin Price has raised By 9% In Just Seven Days
The price of bitcoin is still within the extended range i.e. $46,000 the pair of BTS/USD was still looked upon by traders who are present in the market for a long time. Moreover, this price range is supposed to be the highest for bitcoin compared to previous years. In the views of Rekt Capital, the renowned analyst and trader stated that the 21 week EMA of bitcoin was also supposed to flip due to resistance which would have helped the big bulls of the market very well in the previous year.
However, there are numerous people who did not get influenced by the strength of bitcoin in recent times. This thought process was followed by Crypto Ed, an analyst, and trader who warned everyone that it made no sense that people are buying in the long-term resistance regarding the risk/reward ratio. He stated that it is simply a bad idea to spot buy as with this ratio nobody can succeed.
Cointelegraph also reported that other people are arguing that an important breakout trend was crucial for bitcoin so that they could flip bullish totally and can take long positions in the chart. However, research conducted on-chain revealed that it was the work of spot markets and not just derivatives. In an argument on Twitter, between the co-founders of Glassnode, Jan Happel and Yann Allemann, they discussed that this was a sign of bullishness and forever, the upside has been driven with the help of spot demand.