Bitcoin (BTC) was bearish for a long time at below $45,000. The bulls tried to break through the mentioned Fib retracement level many times, every time bears seized the market. However, the bull market has now managed to push Bitcoin above $45,000 resistance and rallied toward $48,000.
On March 28, Bitcoin’s price reached $48,189.84, but Bitcoin couldn’t hold that position for a long time and traced back. Notably, BTC ended the month of March with a traded value of $45,510.34, according to CoinMarketCap.
However, more crypto enthusiasts predicted Bitcoin to reach $50,000 by the end of the month.
In the last three months, Bitcoin had a hard time going through inflation due to multiple reasons. For instance, the Russia and Ukraine war had a big impact on the entire market. Similarly, COVID-19, as well as the Federal Reserve’s tightening fist on crypto businesses exacerbated the situation.
In addition, on-chain data analyst Santiment explained via Twitter that Bitcoin has returned to the $47,000 level for the first time in 11 weeks, ever since January 4.
🎉 #Bitcoin has now returned all the way back to $46.8k for the first time since January 4th. The 11-week high comes as #inflation, #war, and #COVID19 fears have all eased significantly, giving $BTC traders an average mid-term trading return of over 10%. https://t.co/TNMZUPwxhd pic.twitter.com/WdSYC8kyTV
— Santiment (@santimentfeed) March 28, 2022
Meanwhile, the total value of the cryptocurrency market is above $2 trillion, according to CoinMarketCap. In contrast, the market briefly hit $3 trillion on November 10, 2021, when each bitcoin reached $69,000.
At the time of writing, Bitcoin’s market capitalization has reached $902 billion, but it still has a ways to go to reclaim the $1 trillion it commanded in November.