Bitcoin price started the weekend quietly, but by late Sunday, the largest cryptocurrency by market capitalization had soared past $47,300 at one point, a 2.6% gain from 24 hours earlier. BTC, which had dropped below $46,000 early Saturday, was more recently trading at about $46,700. At the time of writing, BTC is changing hands at $46,108.
Ether, the second-largest crypto by market cap, followed a similar pattern, dipping and then regaining ground to jump past the $3,550 level, up about 3% over the same period.
Major altcoins were mixed, some rising and others falling slightly. Meme coin DOGE rose about 5% on at least one occasion from 24 hours earlier. DOGE alternative SHIB rose more modestly. Solana and Cardano recently rose 3% and 2%, respectively. Terra (LUNA) was off about 2%. Trading was off from higher levels earlier in the week, as is often the case on weekends.
Bitcoin bounced off short-term support at $44,000 as momentum improved. The cryptocurrency is up 5% over the past week, although resistance at $48,000 and $50,996 could stall the rally, similar to last year’s September.
However, this time, pullbacks could be brief, so long as buyers defend support above $43,000-$45,000. Further, the significant loss of downside momentum, per the MACD indicator, could encourage additional buying on price dips over the past few weeks. The daily chart’s relative strength index (RSI) is approaching neutral territory after an overbought reading appeared on March 28. That suggests a pause in the current price rally, which typically occurs during the beginning of the month.
BTC is currently testing support around its previous breakout point at $45,000. According to the DeMARK indicators, upside exhaustion signals provided a timely countertrend reversal set-up earlier this week, although a continuation of that sell signal has not been confirmed. Price action is currently neutral, pending a decisive break above or below the five-day price range.