According to Odaily, Bitcoin's dominance has surpassed 65% for the first time since early 2021, marking its highest level in three years. This milestone comes after Bitcoin's price surged to 69,000 USDT.

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Binance Coin (BNB), the world’s fourth-biggest cryptocurrency is now poised for a significant upside rally as Changpeng Zhao the former CEO and founder of Binance has been released from jail. Since CZ’s imprisonment, BNB has struggled and experienced a long consolidation.

Whales Activity Signals Bullish Shift

However, it appears that the sentiment has shifted from a downtrend to an uptrend. According to 0xScopescan, crypto whales have staked over $154 million worth of BNB tokens on Binance Smart Chain (BSC), indicating bullish market sentiment.

BNB Price Momentum

At press time, BNB is trading near $613 and has experienced a price surge of over 2.75% in the last 24 hours.  During the same period, its trading volume jumped by 20%, indicating increased participation from traders amid ongoing market reversal.

BNB Technical Analysis and Upcoming Level

According to expert technical analysis, BNB appears bullish not only due to CZ’s release from jail but also because of its price action pattern and the upcoming breakout of the $620 resistance level.

Source: Trading View

Over the past three months, BNB has tested this resistance level multiple times, and it now appears to be weakening. Additionally, the token has formed a bullish triple-bottom price action pattern and is on the verge of the breakout of the neckline or resistance level.

If BNB breaches the current resistance level and closes a daily candle above the $625 level, there is a strong possibility that BNB could soar to the $700 level in the coming days. This bullish thesis will only hold if BNB closes its daily candle above $625, otherwise, it may fail.

Bullish On-Chain Metrics 

The current positive sentiment is further supported by on-chain metrics. Coinglass’s BNB Long/Short ratio currently stands at 1.076, indicating a strong bullish sentiment among traders.

Additionally, its future open interest has increased by 5.5% and continues to rise, indicating growing interest from traders and investors.

According to CoinDesk, the Ronin network has experienced a significant increase in its user base, growing over 700% since the beginning of 2024. This growth has been fueled by the resurgence of crypto gaming, particularly the success of the game Pixels. In the past month, Pixels has attracted 1.25 million unique users, according to DappRadar.

The popularity of play-to-earn gaming, especially in the Philippines, has contributed to the growth of the Ronin network. Jeffery Zirlin, head of growth for Sky Mavis, the company behind the Ronin blockchain, said that the success of Pixels has defied expectations. The game, which started on the Polygon network before moving to Ronin in October, now has as many as 750,000 daily active users.

Zirlin also mentioned that Ronin has 12.7 million wallet downloads, indicating a large number of potential users for the play-to-earn gaming sector. Unlike Axie Infinity, another popular game on the Ronin network, Pixels does not require users to be crypto-ready from the start. They can set up their wallets and start earning later on. Despite the seasonality of crypto gaming, Zirlin said that Ronin and Sky Mavis are prepared to handle the ups and downs of the market.

According to BlockBeats, Vanar, a Layer 1 blockchain focusing on NFTs, AI, and the gaming metaverse, announced a partnership with Nvidia on March 13. The collaboration will see the integration of Nvidia technologies, including CUDA, Tensor, Omniverse, and Gameworks, into the Vanar platform to support its developer community. This move enriches Vanar's product offerings and provides developers with tools to create advanced AI solutions.

As a result of the partnership announcement, the market data shows that Vanar's token, VANRY, experienced a 24-hour increase of 42%, with its current price at $0.309.

According to CryptoPotato, Bitcoin's price has recently surpassed $62,000, sparking speculation about the start of a major bull run. Some important factors suggest that reaching a new all-time high might be just around the corner. One crucial factor is the Bitcoin halving, scheduled to take place in April this year. The halving reduces the rate at which new BTC are mined, potentially making them more valuable if following the economic fundamentals of supply and demand. Historically, the event has been followed by an overall market resurgence.

Another sign signaling that Bitcoin's price might spike even more in the near future is the investors' shift from centralized platforms to self-custody methods. According to CryptoQuant, BTC exchange netflows have been predominantly negative in the past few weeks, with a huge red candle charted on March 1. Storing holdings in personal wallets suggests a growing confidence among investors and their desire to stay in the market for the long term. It also reduces the immediate selling pressure. This trend might fuel advancements in services designed to simplify self-custody for a wider range of users, potentially drawing in new participants and motivating current investors to increase their exposure.

In the past, the peak of Bitcoin's bull cycles has coincided with a record interest in terms of Google searches. The asset's popularity on the world's largest search engine has indeed increased in the last few months but is still way below the levels observed at the end of 2021 (when the all-time high of almost $70,000 was reached). Leading altcoins, such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), and many more, also need to catch up with the record interest observed three years ago, meaning they might be on the verge of another bull run as well.