Bitcoin Price Soars Again, Reaching 2022's Highest Price

JAKARTA – The price of Bitcoin has entered a bullish period again. The cryptocurrency's price increase in seven days is already close to 9% and has put the price of BTC firmly on a weekly basis throughout the year.

Even Bitcoin jumped 4.41% to 46,499.29 (IDR 668 million) at 22:07 p.m. GMT on Sunday, March 27. This added 1.963.64 US diesel (IDR 282 million) compared to the previous close.

Bitcoin, the world's largest and most popular cryptocurrency, is already up 41.1% from this year's low of 32.950.72 (IDR 473.3 million) on January 24.

Ether, a coin connected to the ethereum blockchain network, also jumped 3.92% to $3.270.67 on Sunday, March 27, adding $123.45 (IDR 1.7 million) to its previous close.

Bitcoin (BTC) saw a fresh surge to close to $45.000 overnight to March 27 as trading over the weekend appeared to provide a convincing bullish close.

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD moving back to higher levels seen a few days earlier after a rejection just above the $45.000 mark.

While still in an extended trading range with 46,000 US dollars as the top cap, the pair remains on the radar of longer term traders as the weekly close draws near. This is likely to be the highest price in Bitcoin this year so far.

Popular trader and analyst Rekt Capital added that Bitcoin's 21-week exponential moving average (EMA) is also in line for a reversal as resistance — something that has served up well in 2021.

However, some are unsure of the strength of the current level. Among them is fellow Crypto trader and analyst Ed, who warns that buying into long-term resistance of nearly 46.000 US dollars, at the yearly opening makes no sense in terms of risk/reward ratio.

As Cointelegraph reports, other observers have argued that a more significant trend break is required for Bitcoin for them to reverse the overall bull run and take long positions.

Meanwhile, on-chain research reveals that the spot market, not derivatives, has taken the lead over the past week.

This is bullish in itself, Glassnode co-founders Yann Allemann and Jan Happel argued on Twitter this weekend, because historically, sustained gains have been driven by spot demand.

However, the derivatives themselves are less of a concern, as funding levels remain neutral to negative despite an increase towards the top of the Bitcoin trading range.