Top 5 cryptocurrencies to watch this week: BTC, ADA, AXS, LINK, FTT
Bitcoin (BTC) is attempting to notch its second successive weekly gains and end at the highest weekly closing price year-to-date. According to on-chain data from Glassnode, the recovery in Bitcoin’s price was driven by demand in the spot markets. This is likely to cheer the bulls because history suggests that spot market demand leads to sustained upside.
Another positive sign is the strong demand for the ProShares Bitcoin Strategy exchange-traded fund (BITO) in the past two weeks, which pushed its exposure to a record high. Arcane Research said the strong inflows “suggest that Bitcoin appetite through traditional investment vehicles is increasing."
Along with Bitcoin, the broader crypto space is also attracting investors. According to research firm Fundstrat, venture capital buyers pumped $4 billion into the crypto space in the last three weeks of February.
Could buyers sustain the momentum and extend the relief rally in Bitcoin and altcoins? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.
The long wick on Bitcoin’s March 25 candlestick shows that the bears are defending the overhead resistance at $45,400. A minor positive is that the bulls have not given up much ground, suggesting that the traders are not closing their positions in a hurry.
The 20-day exponential moving average ($42,025) has turned up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in command. If buyers drive the price above $45,400, the BTC/USDT pair could rise to the resistance line of the ascending channel.
This level may again act as an obstacle, but if bulls overcome it the pair could rally to the psychological level at $50,000.
Contrary to this assumption, if the
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