Bulls gathered strength in the crypto market and attempted a breakout for BTC at over $71,500, but Bitcoin’s price resistance levels stood rigidly at $72,000.

Bitcoin faced stiff rejection above $71,500 in the last 24 hours, while its resistance formed just above the level at around $72,000. Bitcoin’s price resistance could persist over the weekend, but bulls could also attempt a price breakout soon. If BTC breaks ahead of its current trading range, a rally to $80,000 is possible. Daily crypto volumes have also been higher in the last few days. The higher crypto volumes may even continue next week.

Analysts expect the current bull cycle in BTC to peak only by 2025. They predict BTC could breach $100,000 within the fourth quarter of 2024. For instance, senior portfolio manager Bens Emons had earlier said, “Given the institutional interest currently, this is becoming an asset that is a diversifying asset, a scarce asset in a portfolio.”

He referred to the spot Bitcoin ETF inflows, which have significantly contributed to BTC becoming an important investment class. Moreover, the crypto rally has also effectively spilled over to tokens like SOL. The token has seen around 5% returns in the last seven days, inching closer to $200 again. Similarly, ETH has also steadily held its support at $3,500.

The global crypto market cap has gradually risen, going closer to $3 trillion. The renewed strength and price targets in the market are highly positive.

BTC/USD 1D price chart

Bitcoin is currently trading at around $70,400 on March 29, 2024, with BTC/USD trading higher by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.39 trillion in the last 24 hours.

BTC/USD is trading higher than its 20-day EMA (68,313.02), as BTC’s 24-hour volume was at around $32 billion. The global crypto market cap increased by around 1.65%, trading above $2.66 trillion. BTC’s year-to-date returns are at 68.24%.

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