The morale of the entire crypto ecosystem rose on March 24, as positive moves over the next few days raised Bitcoin (BTC) to over $ 44,000 and Ether Bulls dominated at $ 3,100.
According to President Neel Kashkari of the Federal Reserve Board of Minneapolis, rising BTC prices are expected to rise up to seven times in 2022 against the backdrop of rising inflation and rising interest rates.
BTC / USDT daily chart. Source: TradingView
According to data from Cointelegraph Markets Pro and TradingView, after trading near $ 43,000 in the morning session in March, the noon surge caused BTC prices to rise to a daytime high of $ 44,186, a major move. I hit the resistance zone.
Bitcoin needs to put $ 44,000 into support
According to market analyst and pseudonym Twitter user Rekt Capital, looking at the weekly chart, we can see that “Bitcoin is out of the weekly ascending triangle.” Post The following chart outlines the formations that have evolved over the past few months.
BTC / USD weekly chart. Source: Twitter
While the surge has declared a recovery in bull market conditions, Rekt Capital needs to “reverse the top of the rising triangle to support” “to confirm this breakout for BTC” (BTC needs to flip to support. For example, through a week of closing) “. ”
Rekt Capital
“The upside-down core beyond this ascending triangle top has happened before (orange circle).”
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The importance of resistance that BTC is currently facing was also touched upon by crypto trader and pseudonym Twitter user Sheldon the Sniper. Post The following graph shows the $ 44,000 to $ 46,000 zone.
BTC / USDT 1-hour chart. Source: Twitter
The trader said,
“$ 44,000 – $ 46,000 is a very important zone for the Bulls to break. I expect a short retreat in this zone, but we expect it to move out of this zone in the next few days. .. [The] market [is] It certainly shows good strength. “
The overall market capitalization of cryptocurrencies is currently $ 1.997 trillion and Bitcoin’s dominance is 41.8%.
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