Bitcoin (BTC) is bullish as it temporarily surpasses $ 43,000 and regains support for $ 3,000 after Ethereum (ETH) deposits $ 110 million worth of ETH in Lido’s liquid pool. The story begins to be built throughout the crypto ecosystem on March 22nd.
Bitcoin prices rose 6.15% from the early Tuesday low of $ 40,884 to the daytime high of $ 43,380, followed by support at $ 42,300, according to data from Cointelegraph Markets Pro and TradingView. Was integrated.
BTC / USDT daily chart. Source: TradingView
This is what some analysts have said about Bitcoin’s recent pricing behavior, the level of support and resistance to monitor progress.
BTC price may be revised lower
The precursors to Bitcoin’s move on March 22 were provided by market analyst and pseudonym Twitter user Rekt Captial. Post The following chart shows that “if Bitcoin successfully retests the diagonal of the green dashed line as a new support”, “jumps towards the green ~ $ 43100 resistance ahead”.
BTC / USD weekly chart. Source: Twitter
According to traders, this was a remarkable development as it “confirmed” the end of Bitcoin’s “series of lows over several months”, suggesting that it could soon head to highs.
Despite this bullish event, fellow trader and pseudonym Twitter user “Ed_NL” caveat It may still be a bit premature to open BTC long based on the price behavior that follows the pump.
BTC / USD 15-minute chart. Source: Twitter
“BTC forms a bearish flag after the first drop, which feels like a typical trap to get rid of the initial shorts first before we get off to fix it,” analysts said. I gave my opinion.
Possibility to squeeze higher
The upward trend in BTC was also highlighted by Scott Melker, a crypto trader and host of The Wolf of All Streets podcast. Post The following chart shows that Bitcoin “is still at a high low and is consolidating towards a major level of around $ 45,500.”
BTC / USD daily chart. Source: Twitter
Option trader and pseudonym Twitter user “Joh Wick” I got it This upward trend in the BTC chart suggests that there is potential pressure that could lead to further price increases.
BTC / USD daily chart. Source: Twitter
Wick further explained:
“Remember that there is a squeeze shading zone that looks like you want to break out. It could be a technical catalyst to overcome the $ 45,000 to $ 46,000 resistance.”
Related: Bitcoin hovering for $ 43,000 on Wall Street amid rising heat over Terra’s $ 3 billion BTC buy-in
Must hold support for $ 42,300
The last insight was provided by Cryptographic trader and contributor of Cointelegraph, Michaelëlvan de Poppe. Post The following chart highlights the rise in Bitcoin, which maintains “significant support”.
BTC / USDT 2-hour chart. Source: Twitter
“If Bitcoin can maintain these levels, it looks like there will be some bailout rally period across the market. Good,” Van de Poppe said. Explanation..
The overall market capitalization of cryptocurrencies is currently $ 1.923 trillion and Bitcoin’s dominance is 42%.
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