Rally

Cryptocurrency

Bitcoin

when

Artificial Superintelligence Alliance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/impressive-bull-rally-in-the-cryptocurrency-market/" data-wpel-link="internal">Impressive Bull Rally in the Cryptocurrency Market</a><br></p>
<p style="text-align: justify">The cryptocurrency market hosted an impressive bull rally on Monday. <a href="https://coin-turk.com/kopruden-once-son-cikis-mi-bitcoin-ve-kripto-paralar-gunceler-yorumlar" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/sonunda-beklenen-oldu-4-trilyonluk-devden-buyuk-kripto-para-mujdesi" data-wpel-link="internal">BTC</a>) surged past $72,000 during the afternoon and climbed up to $72,800. During this period, the price of <a href="https://coin-turk.com/bitcoin-btc-ethereum-eth-ripple-xrp-fiyat-analizi" data-wpel-link="internal">Ethereum</a> returned above $4,000 after a long time.</p> 
<h2 id="current-state-of-cryptocurrencies">Current State of Cryptocurrencies</h2> 
<p style="text-align: justify">Especially, the crypto market value has experienced an incredible rise since the beginning of the year, increasing over $1 trillion to reach $2.69 trillion from $1.59 trillion at the time of writing. <a href="https://en.coin-turk.com/bitcoins-future-what-do-crypto-experts-predict-for-btc/" data-wpel-link="internal">Bitcoin</a>‘s market cap alone has seen a 70% increase since January 1, 2024, and investors might consider realizing some of their profits.</p> 
<p style="text-align: justify">A Relative Strength Index (RSI) heatmap provided by CoinGlass was examined to give an idea on this matter. The daily average RSI value in this indicator is found to be above 68, and the weekly RSI value is at 65.</p> 
<h2 id="bitcoin-btc-rsi-outlook">Bitcoin (BTC) RSI Outlook</h2> 
<p style="text-align: justify">Firstly, when Bitcoin is examined across five different time frames, it appears to be overbought according to the RSI, reflecting higher values for longer time intervals. The values that emerged in the weekly, daily, 4-hour, and hourly Relative Strength Indexes were 88.4, 79.5, 75.14, and 73.32, respectively.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-326185" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-rsi-coin-turk-com.png" alt="" width="765" height="450"></p> 
<p style="text-align: justify"><a href="https://en.coin-turk.com/bitcoin-price-could-face-a-drop/" data-wpel-link="internal">BTC</a> has reached an all-time high (ATH) level after a 5% increase over the last seven days, rising to $72,800. The price movements and record highs could be interpreted as a favorable sell signal for the leading cryptocurrency. BTC is currently trading above $71,600 at the time of writing.</p> 
<p style="text-align: justify">On the other hand, according to data provided by <strong>IntoTheBlock</strong>, 100% of Bitcoin holders are currently waiting profitably, suggesting that profit-driven sales could occur in the short term.</p> 
<h2 id="fetch-ai-fet-rsi-outlook">Fetch.ai (FET) RSI Outlook</h2> 
<p style="text-align: justify">Looking at the heatmap provided by Coinglass, Fetch.ai (FET) stands out as the second most overbought asset according to different time frame analyses.</p> 
<p style="text-align: justify">FET has experienced a 2.25% drop over the week and is trading at $2.55. The weekly RSI value was indicating overbuying at 89.32. Additionally, the daily RSI value of the token was calculated at 79.26, signaling a correction could happen at any moment.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-326184" src="https://coin-turk.com/wp-content/uploads/2024/03/fet-coin-turk-com.png" alt="" width="765" height="468"></p> 
<p style="text-align: justify">Despite all these indicators, having an overbought RSI in cryptocurrencies does not conclusively explain a price drop or a reversal of the trend. It’s important to remember that volatility in the crypto market is extremely high.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/impressive-bull-rally-in-the-cryptocurrency-market/" data-wpel-link="internal">Impressive Bull Rally in the Cryptocurrency Market</a></h5>

Impressive Bull Rally in the Cryptocurrency Market

Table of Contents

COINTURK NEWS

Other articles published on Mar 12, 2024

Investor Fascination with Altcoins Climbs as Memes and AI Tokens Take Center Stage

Grayscale files for ‘mini’ spot Bitcoin ETF

Introducing Kurrency PLAY, the First Game Token Borrowing Service in the Blockchain Ecosystem

Binance Introduces New Project on Launchpool Platform

Thailand Unveils Second Phase of National AI Strategy

Toncoin (TON) Price Climbs 37%: Here’s Why Profitable Holders Could Stop the Uptrend

Join our free newsletter for daily crypto updates!