Bitcoin (BTC) has managed to hold on to its gains this week, indicating that traders are in no mood to book profits even as the price reaches near $70,000. The number of Bitcoin whales, unique addresses holding more than 1,000 Bitcoin, has risen to 2,104 as of March 7, suggesting they anticipate the uptrend to continue.
Bitcoin’s rally has improved sentiment across the cryptocurrency sector. Data from DefiLlama shows that the global total value locked (TVL) in decentralized finance (DeFi) protocols jumped above $100 billion for the first time in about two years. However, the TVL is far below the $189 billion record set in November 2021, even after the increase.
Crypto market data daily view. Source: Coin360
During a bull market, traders throw caution out of the window and chase prices higher. This generally does not end well. Bitwise chief investment officer Matt Hougan cautioned investors to be careful, stating on X that “terrible projects” were “trading at crazy valuations.”
If Bitcoin rises to a new high, select altcoins are likely to join the party. Let’s look at the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
The bears are trying to halt Bitcoin’s rally near $70,000, but a positive sign is that the bulls have not given up much ground. This suggests that every minor dip is being purchased.
BTC/USDT daily chart. Source: TradingView
The bulls will try to resume the uptrend by kicking the price above $70,000. If they do that, the BTC/USDT pair is likely to pick up momentum and surge to $76,000. This level may act as a minor hurdle, but if crossed, the rally could reach $80,000.
If bears want to make a comeback, they will have to sell aggressively and yank the price below the 20-day exponential moving average ($61,422). That may hit the stops of several short-term traders and start a deeper correction toward the 50-day simple moving average ($51,197).
BTC/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up, and the relative strength index (RSI) is in the positive territory on the 4-hour chart, indicating that the bulls are in command. Buyers have…
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