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Gold, stocks prepare for crypto “bullish divergence.”

Sentiment data shows that the crypto market is increasingly expecting a push in price discovery.

​The Crypto Fear and Greed Index has returned to the zone of extreme greed – the characteristic mood of Bitcoin and altcoin market participants.

This is independent of a marked price increase, suggesting that if the market appreciates rapidly, traders may become increasingly irrational.

​​​The fear and greed index remains above levels seen in 2021 when Bitcoin recorded a previous ATH of around $69,000, but there is still room to increase before reaching levels that trigger a price correction on many markets.

Analyzing the drivers of investor optimism last week, research firm Santiment argued that it could form part of broader confidence in risk assets.

“Cryptocurrency traders often hope that Bitcoin and other assets will carve their own path without dependence on stocks or other sectors. But for a change, the crowd has suggested that strong ATHs from the SP500 and gold are creating a bullish divergence so that BTC and altcoins benefit from the distribution of gains from other sectors.”

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BTC price action is “almost identical” to December 2020

Glassnode also revealed “remarkable similarities” between current BTC price action and the previous bull market in 2021.

Comparing this year's performance with previous cycles shows that the 2011–2013 cycle is a clear outlier.

This challenges the notion that institutional interests have brought about a new BTC price model this year.

“If one indexes the price performance (black) since the April 2021 ATH (where we believe bear market sentiment has established), one can see a notable similarity to the previous cycle (black green), Glassnode explains on a cycle comparison chart in “The Week On-Chain”. “In both time and distance from the April 2021 peak, the market is in an almost identical position to December 2020 compared to the 2018-21 cycle.”

December 2020 marked a turning point for Bitcoin, taking off from previous all-time highs to begin price discovery after retesting them for the first time in about two weeks.

This year still marks the first instance of Bitcoin reaching an all-time high right before the block reward halving event.

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BTC prices closed weekly, monthly, quarterly at record levels

Bitcoin brought a beautiful end to Q1 for bulls, closing the weekly, monthly and quarterly on March 31 at nearly $70,300 – marking the highest level in history.

What followed was a pullback that took the market by surprise as the price slid to the low $66,000 range, hitting an intraday bottom at $66,320 causing nearly $500 million in liquidation, as Bitcoin Magazine reported.

As a result, on short timeframes, BTC/USD remains within a familiar range from last month as $69,000 – the previous all-time high recorded in 2021 – continues to serve as the focus of the market.

For famous trader Skew, caution is needed until there are clearer trend signals.

“Will have to observe more before jumping into positions,” he wrote on X. “So far, the 4H trend is still intact, the market needs to maintain this with spot buying pressure & reasonable bids Perpetual copper is enough to gain momentum.”

Skew also flagged the Wall Street opening as important, marking the return of ETF flows.

“The biggest HTF level today is $69k,” he confirmed on higher timeframes. “Monthly/weekly openings will be important going forward.”

Trader Rekt Capital is more bullish on weekly, monthly and quarterly closes.

He argued that Bitcoin could easily challenge the top of the range to confirm it as longer-term support before using this level as a basis for a new rally.

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Btcoin starts a new week, month and quarter of 2024 with some new records – Can the bull market continue from here?

BTC price action made history on March 31 as the first quarter of 2024 ended with its highest close ever.

However, price discovery remains elusive, with Bitcoin needing to push to $74,000 to eliminate much of the sell-side liquidity of latecomers.

Price volatility is likely to increase as the market enters the second quarter.

Besides, classic macroeconomic data elements, with US nonfarm payrolls due to be released later in the week. Before that time, US Federal Reserve Chairman Jerome Powell will make new comments.

Last week, Bitcoin seemed to react positively to Powell's remarks, with a heightened focus on the prospect of an interest rate cut in 2024.

As BTC prices stay higher for longer, seasoned hodlers are ramping up profit-taking, going against the flow of institutional capital from spot Bitcoin exchange-traded funds (ETFs).

Let's look at the issues that are likely to impact BTC price action in the coming days.

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The US Securities and Exchange Commission (SEC) recently accelerated the deadline surrounding digital asset management firm Grayscale's decision to approve the Ethereum ETF. Through a filing published on March 22, the SEC noted that it will postpone the March 31 deadline to May 30. It will then decide whether it approves or disapproves the fund. Swap this Trust portfolio.

However, the Web3 community is optimistic about the prospects and is preparing to accumulate the cryptocurrency. The top five altcoins that have attracted the most significant attention include KangaMoon (KANG), Chainlink (LINK), Arbitrum (ARB), Immutable (IMX), and The Graph (GRT). Today, we'll dive into each project and their chart performance to see which cryptocurrency is the best buy and could see the most significant gains by the end of 2024.

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Bitcoin's monthly closing date is coming and it's the WEEKEND! If you follow me, you know what I think about the crypto market over the weekend! But Bitcoin's father is quite rebellious, especially with the upcoming Halving event! And no, Bitcoin is not racing against time to achieve HALVING! It's racing against its own blocks! The more people transact in the Bitcoin blockchain, the sooner the#HalvingTimeevent will happen! Don't be fooled by posts with "Halving" dates! There is no certain date!!!
But anyway, let's put aside the topic of HALVING for now

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