Bitcoin, the world’s largest cryptocurrency by market cap, broke the $57,000 price level based on strong fundamentals and favorable on-chain data.Bitcoin surgesBitcoin broke the $56,000 level Thursday and surged to the $57,000 price level, one that saw a huge selling at last week and a local peak last month. Sentiment for the world’s largest cryptocurrency is strong as there was no major negative news or other setbacks at press time.Data from on-chain analytics service IntoTheBlock shows a “mostly bullish” environment for Bitcoin. Despite that, two indicators predict “bearish” activity while four on-chain trackers show a “bullish” sentiment for the asset’s mid-term price moves.The bearish signs are low ‘net network growth’ at -0.44%. The indicator calculates the true growth of the market using new addresses minus the addresses which go to zero. Another bearish element is the falling number of ‘large transactions’ (-1.30% at press time), meaning the on-chain usage for transactions above $100,000 has reduced in the past day.A majority of the on-chain data is bullish, however. 0.75% of all addresses are ‘in the money,’ and hence, in profit, while the ‘smart price’—which calculates the average bid-ask levels for Bitcoin trading—flashes a “bullish” sign at 0.33%.Momentum in the Futures market remains high as well, showing a positive funding level, open interest, and favorable volume among Bitcoin traders.Bitcoin is in a firm uptrend for now, as the below image shows. The asset has surged above its $57,000 level resistance and trades above its 21-period exponential moving average—a tool used by traders to determine market trends.
I was told it will be tomorrow noon HKT, about 14hrs from now.??? https://t.co/uHFWMUhpGJ
— CZ ? Binance (@cz_binance) March 10, 2021
Meanwhile, other top-ten tokens remained in the red. Ethereum lost -1.2% and oracle service Chainlink lost 3.1% compared to the past day, while Polkadot tumbled by 4% to $29. 
