- Bitcoin price eyes retest of yearly open at $46,198 it bounces off a crucial support level.
- Ethereum price looks primed for a 20% upswing to retest $3,200.
- Ripple price finishes its breakout, hinting at a 20% ascent to $0.855.
Bitcoin price shows strength as it undertakes a quick, impulsive move toward a long-standing barrier. Ethereum, Ripple and other altcoins are following suit and also undergoing bullish expansions. Interestingly, this reaction in the major three could be a response to US Treasury Secretary Janet Yellen's comments on crypto markets.
The comments, which favor digital assets and their innovation, were posted earlier on the Treasury website but were later removed.
"The executive order will address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy," read Yellen’s deleted message.
Bitcoin price shows strength
Bitcoin price rallied 7.8% on March 9 after dipping inside the $36,398 to $38,889 demand zone. The resulting uptrend will make contact with the weekly resistance barrier at $42,748 before retesting the weekly supply zone, ranging from $45,550 to $51,860.
Bitcoin price, therefore, has anywhere between 2% to 25% upside. Only a daily candlestick close above $52,000 will indicate the start of an uptrend. Anything below the aforementioned level will indicate that the big crypto is consolidating.
BTC/USD 1-day chart
On the other hand, if Bitcoin price breaches the daily demand zone, extending from $36,398 to $38,889, it will reveal a weakness among buyers. This move will crash BTC to a vital support level at $34,752, a breakdown of which will lead to the invalidation of the bullish thesis.