Analyst Matthew Hyland saw a possible breakthrough for Bitcoin’s RSI.
Bitcoin has already closed the week at its highest level since early February.
After temporarily reclaiming $43,000 overnight on March 22, bulls observed a new impulse rise in Bitcoin (BTC). On Bitstamp, BTC/USD hit $43,337, its highest level since March 3. It contrasts with the weekend’s lack of volatility and aligns with the more optimistic forecasts for the near-term trend.
Crypto Ed, a well-known trader, had set a low-timeframe goal of $43,000 and was on track to meet it. On the other hand, Analyst Matthew Hyland saw a possible breakthrough for Bitcoin’s RSI on the daily chart—a phenomenon that has often accompanied price gains.
Macroeconomic Factors Bolstering Sentiments
As of Sunday, Bitcoin had already closed the week at its highest level since early February; now, macroeconomic factors were bolstering the bullish sentiment. The Hong Kong, Hang Seng index was up 3.15 percent, indicating active trading in Asian markets.
However, there was no evidence of a ripple effect in Europe, and U.S. futures were also heading down before Wall Street opened. In addition, Coinglass, an on-chain monitoring resource, has shown that certain short positions have been eliminated due to the rise in cryptocurrency prices. At this writing, total 24-hour liquidations had reached $168 million.
Only 3.6 percent of Salvadoran firms claim that the legalization of Bitcoin six months ago has increased sales. So far this year, just 13.9 percent of businesses have executed a transaction using BTC. 4.7% of those surveyed claimed that Bitcoin has complicated or even caused sales to plummet for their firm. At the same time, 91.7 percent of those surveyed indicated BTC had made no effect on their business practices. While President Nayib Bukele is confident in the currency’s ability to revolutionize the economy, the numbers may shock him.