BTC price spikes above $43,000 as bulls look to push for $45,000 while some analysts warn about the formation of a bearish flag that could lead to a price correction.
253 Total views
19 Total shares
The bullish narrative is beginning to build across the cryptocurrency ecosystem on March 22 as the price of Bitcoin (BTC) briefly spiked above $43,000 while Ether (ETH) has reclaimed support at $3,000 following a deposit of $110 million worth of ETH into Lido’s liquidity pools.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rallied 6.15% from a low of $40,884 in the early hours of Tuesday to an intraday high at $43,380 before consolidating around support at $42,300.
Here’s what several analysts are saying about Bitcoin’s recent price action and which support and resistance levels to keep an eye on moving forward.
BTC price could correct lower
A foreshadowing of Bitcoin’s move on March 22 was provided by market analyst and pseudonymous Twitter user “Rekt Captial,” who posted the following chart noting that “If Bitcoin successfully retests the green dashed diagonal as new support,” then it “will spring towards the green ~$43100 resistance ahead.”
According to the trader, this was a notable development because it “confirmed” the end of the “multi-month series of lower highs” for Bitcoin and suggests we could soon head higher.
Despite this bullish turn of events, fellow trader and pseudonymous Twitter user “Ed_NL” warned that it may still be a bit premature to open a BTC long based on price action following the pump.
“BTC forming a bearish flag after the initial drop, but this feels like a typical trap where we first take out the early shorters before going down to correct,” the analyst opined.
Potential squeeze higher
The upward trend for BTC was also highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who posted the following chart noting that Bitcoin is “still making higher lows, consolidating towards the key level around $45,500.”
Options trader and pseudonymous Twitter user “Joh Wick” also noted this upward drift on the BTC chart, suggesting that there is a potential squeeze in play that could lead to further price gains.
Wick further explained:
“Remember we have squeeze shading zone that looks like it wants to breakout! Could be the technical catalyst to get us past $45,000 – $46,000 resistance.”
Related: Bitcoin hovers at $43K on Wall Street open amid growing fever over Terra’s $3B BTC buy-in
Needs to hold support at $42,300
A final bit of insight was provided by crypto trader and Cointelegraph contributor Michaël van de Poppe, who posted the following chart highlighting the run-up in Bitcoin, which has managed to hold on to a “crucial support.”
“If Bitcoin can sustain those levels, it seems to me that we’re getting a period of some relief rallies across markets. Would be good,” van de Poppe explained.
The overall cryptocurrency market cap now stands at $1.923 trillion and Bitcoin’s dominance rate is 42%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Blockchain technology has recently penetrated a number of sectors, altering the way we do business, store data and interact with digital assets. The decentralized and transparent nature of blockchain also benefits content creators, including authors, musicians, artists and photographers.Blockchain-based platforms offer unique opportunities for content creators to protect their intellectual property, receive fair compensation, and…
Polygon (MATIC) is on a tear. In the past seven days, it has gained 35% in the past seven days, outperformed every major cryptocurrency apart from Uniswap.There are several big reasons behind the strong uptrend of MATIC, including the growing hype around Polygon, Google BigQuery announcement, and Mark Cuban's investment.MATIC 1-day candle chart (Binance). Source:…
Law enforcement requests to cryptocurrency exchange Kraken hit their highest ever volume in 2019, rising 49% to 710 as compared with 475 the previous year.The data was revealed in a tweet from the exchange on Jan. 6, which included a snapshot taken from the new 2019 Transparency Report from Kraken’s compliance team.Screenshot, 2019 Global Law…
The House of Representatives will vote on the controversial infrastructure bill without amendments to its cryptocurrency provisions by Sept. 27. 820 Total views 24 Total shares The controversial $1 trillion infrastructure bill will see a vote in the U.S. House of Representatives without any amendments to the crypto tax provisions by Sept. 27.The vote was…
Dutch police have arrested the founder of blockchain game development startup Komodore64 that allegedly raised 78 million euros ($86 million) from investors, business-focused news outlet Sprout reported on Nov. Komodore64 — which launched in June with the objective to create a game platform where transactions are tracked on blockchain — appeared to be a fraudulent scheme…
Ripple’s CEO Brad Garlinghouse shared the news on X, saying it will remain an investor in Fortress Trust. 266 Total views 2 Total shares Within 20 days of announcing the acquisition of Fortress Trust to allegedly expand its pool of licenses in the United States, financial technology firm Ripple is pulling out of the deal. Ripple’s
Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885. Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term. Crypto market weekly price chart. Source: Coin360As the…
Ferrari will be issuing exclusive digital content for its fans in collaboration with Swiss blockchain startup Velas. 1794 Total views 35 Total shares Italian luxury sports car manufacturer Ferrari is moving into the blockchain industry by inking a partnership with Swiss blockchain startup Velas Network.Ferrari officially announced Monday that it had signed a multi-year agreement…