Bitcoin price breaks above 50-day SMA as analysts see further gains for BTC.

Bitcoin (BTC) gained fresh strength in early trading hours in Asia as bulls eye further short-term gains.

Main Receptors:

Bitcoin prices rose to a 6-week high of $74,400 on Monday.

The 50-day moving average above $71,120 is a key support level to watch for BTC/USD going forward.

Bitcoin leads the market in the new bailout.

Data from TradingView showed BTC price gains of 2.5% on the day, with BTC/USD rising as high as $74,400 for the first time since February 4.

Ether (ETH), the largest altcoin by market capitalization, was trading at $2,250 at the time of writing, up 7% in the last 24 hours. Fifth-ranked XRP (XRP) gained nearly 5% in the last day to trade above $1.48.

Solana (SOL) posted the biggest gains among the top 10 cryptocurrencies, rising 6% over the same period. As a result, the global crypto market capitalization rose 4% day-to-day to $2.49 trillion on Monday.

“Bitcoin took off $1,800 in 30 minutes and hit a 40-day high of $74,300,” analyst Bull Theory said in a recent post on X.

It's amazing how risky assets are doing better than safe assets like gold and silver during the war.

Bitcoin's relief rally has been accompanied by significant short-liquidations in the crypto market, which has reached $300 million in the past 24 hours. Meanwhile, Bitcoin futures open interest (OI) continues to grow, with tracking resource Coinglass showing a 6% jump to $49.2 billion in the past 24 hours.

Commenting on the data, CoinGlass said that OI's similar pattern with prices rising “preceded recent volatility spikes”:

“New fuel is rebuilding.”

Bulls retook the 50-day BTC price trend line

Bitcoin's recent recovery has retaken a support level at the 50-day simple moving average (SMA) at $71,120.

“Impressive strength in BTC today – 55-day daily candle set to close above 50MA,” trader and investor MacroSRG said in a Monday post on X.

BTC is up 33% in one month after the price broke this trendline after trading at long-term lows.

Bitcoin is about to close 8 consecutive daily green candles for the first time since December 2020, analyst Max Crypto said on XPost.

“Last time this happened, BTC increased 145% in 2 months.”

Echoing this, MN Capital founder Michael Van de Pop said that speculation over gold will “realistically rally” as bitcoin builds momentum.

“There's more to come; $ETH has broken out of range, which means it's only a matter of time before Bitcoin continues its rally to $80K.”

Along with the 50-day SMA, the BTC/USD pair is now moving above other key long-term levels, including the 200-week exponential moving average (EMA) and the old 2021 all-time high at $68,300 and $69,400.