Bitcoin (BTC) managed to break above $47,000 for the first time since early January 2022. The coin reached $47,413 on some trading floors, but then it rolled back to $46,959 as part of a correction.
Analyst Willie Wu does not exclude that we are gradually entering a new bullish phase. Buyers became more active and they were not frightened even by the Fed’s decision to raise the discount rate.
Another expert Matthew Hyland is also optimistic. He assumes that already in the current cycle, the main digital currency will reach the next resistance zone at $52,000.
Altcoins also added value on Monday, March 28. Ether (ETH) and Binance Coin (BNB) strengthened more than 5% to $3318 and $431 respectively.
XRP, Solana (SOL) and Avalanche (AVAX) rose to $0.862, $108.7 and $90.5 early in the European session. The crypto market capitalization reached $2.118 trillion.
Willie Wu compared Bitcoin’s current position to that of October 2020. He estimates that the correlation between BTC and the S&P 500 Index is weakening, and this is a positive signal for the cryptocurrency.
Increased open interest in bitcoin futures can also be seen as a factor driving an improving cryptosphere environment.