Bitcoin hits fresh 3-week high as fresh impetus pushes price to $43,300

Bitcoin (BTC) saw fresh momentum overnight on March 22, so much so that bulls briefly reclaimed $43,000.

RSI hints at underlying strength

BTC/USD hit $43,337 on Bitstamp on Tuesday, the highest level since March 3, according to Cointelegraph Markets Pro and TradingView.

The move, in stark contrast to the lack of volatility since the weekend, dovetails with more bullish forecasts surrounding near-term moves.

For popular trader Crypto Ed, who previously gave $43,000 as a short-term goal, everything is in the plan.

#BTC

The red box that has been at $43,000 for several days shows

Now......

Imagine not watching my YT videos...

No need to listen to guys who like to hear themselves talk for more than 20 minutes.

Everything you need to know in 3 minutes! https://t.co/nsWhyUMaYI

— Ed_NL (@Crypto_Ed_NL) March 22, 2022

Meanwhile, analyst Matthew Hyland sees a potential breakout scenario in Bitcoin’s Relative Strength Index (RSI) on the daily chart — a phenomenon that typically precedes price strength.

“BTC is only a few hundred dollars away from the first higher high we’ve seen in a long time. Will it happen?” added crypto market analyst Kevin Svenson.

Bitcoin had already posted an impressive weekly close on Sunday, its highest level since early February, and now, macro signs are adding to the bullish momentum again.

Asian markets were active on the day, with Hong Kong's Hang Seng up 3.15% at the time of writing.

However, European markets showed little sign of taking a hit, while U.S. stock futures were also trending lower ahead of the U.S. open.

That said, the uptick did squeeze some short positions in the cryptocurrency, as can be seen from on-chain monitoring resource Coinglass.

At the time of writing, 24-hour liquidations totaled $168 million.

Ethereum returns to $3,000 amid altcoin rally

On altcoins, things have likewise become more bullish overnight.

The top ten cryptocurrencies by market capitalization were led by ADA, which gained 5.8% in 24 hours and nearly 20% on a weekly basis.

Other major tokens performed similarly, including Polkadot (DOT) and XRP.

The largest altcoin, ethereum (ETH), tracked bitcoin's rally, hitting $3,000 at one point, but then immediately consolidated below this important psychological level.