BTC Markets

Traders say BTC is following the expected trajectory, but several macroeconomic factors and geopolitical tensions remain a threat to Bitcoin hitting a new all-time high.

After dropping below $45,000 on March 31, Bitcoin (BTC) surprised investors with a quicker-than-expected recovery to the $46,500 level.

Data from Cointelegraph Markets Pro and TradingView shows that bears managed to drop BTC to an overnight low of $44,210 before bulls showed up in force to lift the price back above $46,500 by midday.

Here’s what several analysts are saying about the short-term outlook for Bitcoin moving forward and what developments could present headwinds for the top cryptocurrency as a new month gets underway.

The macro environment continues to impact BTC price

Events in the global financial market continue to have a large impact on cryptocurrency markets and are likely to continue to do so for the foreseeable future.

According to Macro Hive CEO Bilal Hafeez, “currently macro is dominating Bitcoin” as evidenced by the “last few days of equity weakness” that “has also led to Bitcoin declines.”

Hafeez also pointed to higher interest rates in the US, a more hawkish Fed, and weakness in the Chinese markets as reasons for the current volatility in equities markets.

While these macro events continue to weigh on financial markets, Macro Hive noted that there are signs of hope in Bitcoin-specific metrics.

Hafeez said,

“Bitcoin-specific dynamics are bullish with renewed ETF inflows, open interest rising and HODLers accumulating.”

Traders are waiting break above $48,000

The pullback in BTC price over the past 24-hours was somewhat expected according to David Lifchitz, managing partner and chief investment officer at ExoAlpha. Lifchitz pointed to Bitcoin's “7-day win streak” and end-of-the-quarter activity from institutional investors as contributing to the decline.

Despite the pullback on March 31, Lifchitz indicated that “the upside support trendline from March 21 remains intact,” and will likely hold as support moving forward barring “a revisit of the low $40,000s in the next couple of days.”

“Wildcards” identified by Lifchitz that could affect this outlook include “the situation in Ukraine, the EU financial commission going after crypto with a vengeance and the Mt. Gox liquidation that could come any day.”

Lifchitz said,

“A break above $48,000 then $51,000 is what the bulls are looking for, so we'll see if they are served next week (new quarter = potential for new institutional inflows.”

Related: Just 2 million Bitcoin left: Bitcoin hits the 19 million milestone

BTC is at the end of a major corrective period

A final bit of reassurance was provided by market analyst Will Clemente, who posted the following chart noting the “pretty clean reaction from BTC so far on this pullback.”

The significance of today's bounce was succinctly summarized by market analyst and pseudonymous Twitter user ‘PlanC’.

The 128-Day SMA is currently at $43,972. #Bitcoin

We broke it and than on this pullback #BTC bounced hard at $44,200.

In all previous cycles (5/5 times), a break of the 128-Day SMA signalled the major corrective / accumulation periods were finished. #Crypto

— Plan©️ (@TheRealPlanC) April 1, 2022

The overall cryptocurrency market cap now stands at $2.137 trillion and Bitcoin’s dominance rate is 41.1%.

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.

BTC finally hit the projected $45,000 support zone, but analysts have mixed views on whether continuation or consolidation will be the next step.

The euphoric calls for a return of the bull market may have been a bit early especially after Bitcoin (BTC) bulls failed to push the price over the $46,000 level on March 31. Even with the current pullback, analysts continue to expect a lower support retest at the $45,000 level.

Data from Cointelegraph Markets Pro and TradingView shows that today's attempt to push the price of BTC above $47,500 was soundly rejected by bears which sent the top cryptocurrency plunging to $45,500.

Here’s a look at what several analysts in the market are saying about the price pullback for BTC and whether or not traders should brace for further losses or prepare for another move higher.

This is just a short term correction

Not all traders were caught flat-footed by Thursday's move lower in Bitcoin, including market analyst and pseudonymous Twitter user ‘IncomeSharks’, who posted the following chart prior to the price drop noting that the “4h looks like it wants to correct a bit.”

IncomeSharks said,

“This is not me being bearish, I'm just noticing 3 reasons why a little correction makes sense. Supertrend is going flat, we probably will re-test this breakout, and we can bounce at the trend line. Good time for me to take profits.”

BTC searches for support between $42,000 and $45,000

The next available levels of support to keep an eye on were discussed by market analyst and economist Caleb Franzen, who posted the following chart showing the 21-day, 55-day and 200-day exponential moving averages (EMA) for Bitcoin stating, “Sometimes it's helpful to cut out all the noise, remove price structure analysis, and just look at the exponential moving averages.”

Franzen said,

"All are potential support for Bitcoin, giving us a range of $42,000 - $45,000.”

Related: Bitcoin derivatives metrics favor a move to $48K, but only after a lower support retest

A necessary period of sideways consolidation

A more macro view on what comes next for Bitcoin was provided by analyst and pseudonymous Twitter user ‘BTCFuel’, who posted the following chart comparing the BTC price action in 2012 to its current movement and suggested that “after being up 28% in the last 2 weeks and breaking a major resistance, some sideways consolidation should be good for Bitcoin.”

BTCFuel said,

“In the next months, I believe that Bitcoin will move slow and steadily up like in 2012. But altcoins will go nuts.”

The overall cryptocurrency market cap now stands at $2.087 trillion and Bitcoin’s dominance rate is 41.6%.

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.

Analysts expect Bitcoin price to retest the $45,000 zone as support, after which traders anticipate a stronger move toward a resistance cluster at $54,000.

The mood across the cryptocurrency market has seen a notable improvement in the last week as prices are on the rise with Bitcoin (BTC) now trading near $48,000 while Ether (ETH) attempting to hold  above $3,400. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has been oscillating around $48,000 since it broke out above $45,000 early on March 28 and bulls are now debating whether a bull run to $80,000 is on the cards.

Here’s a look at what several analysts in the market are saying about the outlook for BTC moving forward and what levels to keep an eye on in case of a price pullback or another breakout to the upside.

Bitcoin breaks above its 1-year moving average

“Keeping it simple is often best” according to independent market analyst Philip Swift, who posted the following chart showing Bitcoin's price relative to its 1-year moving average (MA).

Swift said,

“Price is now breaking back above the 1yr MA. Historically this is an important level for Bitcoin signaling the start of a bullish trend.”

Possible entry at $45,000

Insight into a possible entry point in the case of a pullback in the price of Bitcoin was touched on by crypto trader and pseudonymous Twitter user ‘Phoenix’, who posted the following chart outlining a possible trajectory BTC could take over the next few weeks.

Phoenix said,

“Those that missed the boat may hope for a perfect entry with a mid $45,000 retest. But, BTC often doesn't give perfect entries. Clearly bullish after this clean break above the range in my opinion.”

Related: Kitchen table Bitcoin: How should average investors approach crypto?

Little resistance between $47,500 and $57,000

As for the areas to look out for should BTC continue to head higher, market analyst and pseudonymous Twitter user ‘Rekt Captial’ posted the following chart suggesting the price could soon head toward $57,000 baring any major roadblocks.

Rekt Capital said,

“Technically, if BTC flips the black ~$47,000 Monthly level into support this March… There's little major Monthly resistance until ~$57000 (red).”

The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 42.1%.

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.

Analysts say Bitcoin’s surge above $48,000 is the clear macro trend change that traders have been waiting for, but are new all-time highs on the way?

Cryptocurrency investors are in high spirits on March 28 as the week-long melt-up across the market extended another day with Bitcoin (BTC) rallying to $48,000 and Ether trading above $3,400.

Data from Cointelegraph Markets Pro and TradingView shows that after a brief pause near support at $47,000 in early trading on Monday, an afternoon wave of buying helped lift BTC above $48,000 and bulls are identifying $52,000 as the next stop.

Here’s a look at what several market analysts are saying about this latest move for Bitcoin and what could come next as the bullish narrative continues to gather momentum.

$52,000 is the next stop

A look at where BTC might be headed was provided by analyst and pseudonymous Twitter user ‘Nunya Bizniz’, who posted the following chart outlining a possible move above $54,500.

Nunya Bizniz said,

“Measured move target of [the] breakout from ascending triangle. Get there?”

A similar outlook moving forward was expressed by technical analyst ‘Crypto Yoddha’, who posted the following chart highlighting “a nice breakout of the bearish structure.”

Crypto Yoddha said,

“Either a proper pullback to retest the breakout or price will keep pushing higher to take equal highs at $52,000.”

Key moving averages have been flipped

Further insight into Monday’s BTC price action was touched upon by market analyst and pseudonymous Twitter user ‘filbfilb’, who posted the following chart showing the “strong weekly close by Bitcoin,” which closed “above the 20 WMA and 50/100 DMA.”

Filbfilb said,

“Critically also breaking the key weekly support/resistance level defining the middle of the range. Now sat below the 100 DMA and yearly pivot and a high volume node.”

Related: Bitcoin to $58K next? A 2019-like 'reversal ascending triangle' hints at more upside for BTC

Does the breakout extend the 4-year cycle

Analysis of the long-term price performance of BTC was discussed by crypto trader Jordan Lindsey, who posted the following chart suggesting that the Bitcoin bull run that began in early 2021 is still ongoing due to an extension of the 4-year cycle.

Lindsey said,

“Bull market breakout has never faded. We continue to be in a Bitcoin bull market since 2020. Cycles are longer. Lengthening or new structure? This is the question.”

The overall cryptocurrency market cap now stands at $2.168 trillion and Bitcoin’s dominance rate is 42.1%.

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.

BTC pushed through a key price level as investor sentiment soars across the sector, but analysts caution that $44,000 must become support to mark a macro-level trend change.

Morale across the cryptocurrency ecosystem is rising on March 24 as several days of positive moves have helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100. 

The climbing price of BTC comes amidst a backdrop of surging inflation and rising interest rates which could see up to seven hikes over the course of 2022 according to Minneapolis Federal Reserve President Neel Kashkari.

Data from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout the morning session on Thursday, a midday spike lifted the price of BTC to an intraday high at $44,186 where it bumped up against a major resistance zone.

Bitcoin needs to flip $44,000 into support

A look at the weekly chart shows that “Bitcoin is breaking out from the weekly ascending triangle” according to market analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart outlining the formation that has been developing over the past few months.

While the quick move up has many proclaiming a return of bull market conditions, Rekt Capital warned that “for BTC to confirm this breakout,” it “needs to flip the ascending triangle top into support (e.g. via a 1-week close).”

Rekt Capital said,

“Upside wicks beyond this Ascending Triangle top have happened before (orange circles)”

Related: ‘US government does not stand for freedom’: Bukele reacts to US bill passing Senate committee

The significance of the resistance BTC now faces was also touched upon by crypto trader and pseudonymous Twitter user ‘Sheldon the Sniper’, who posted the following chart highlighting the zone from $44,000 to $46,000.

The trader said,

“$44,000-$46,000 is a very important zone for bulls to break. I expect a short-term pullback in this zone but a break of this zone in the next few days. Market definitely showing good strength.”

The overall cryptocurrency market cap now stands at $1.997 trillion and Bitcoin’s dominance rate is 41.8%.

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.

BTC price made a 10% move toward a key resistance level, but traders warn that the price action is just “more of the same” until $46,000 is flipped to support.

"Volatility" is the word of the month and that is exactly what cryptocurrency investors saw today as Bitcoin rallied after concerns over the Biden administration's executive order on crypto turned out to be a 'nothingburger'.

Data from Cointelegraph Markets Pro and TradingView shows that after trading near the $39,000 mark for the past few days, the price of Bitcoin (BTC) spiked 10.42% to an intraday high at $42,606 on as cautious traders flooded back into the market.

Here’s a look at what traders and analysts in the market are saying about this latest move and the areas of support and resistance to keep an eye on.

"Different pump, same story"

Wednesday’s move for Bitcoin was just a repeat of recent behavior according to crypto analyst and pseudonymous Twitter user ‘Plan C’, who posted the following chart stating “Different pump, same story.”

Plan C said,

“BTC needs to break the "downtrend resistance band," AKA Uptrend Support Band, and then hold it as support. Otherwise, this is just another cry wolf move. Uptrend Support Band: $43,564 - $46,265.”

Independent market analyst ‘Crypto_Ed_NL’ agreed with this sentiment and suggestion further sideways trading in the post below.

Crypto_Ed_NL said,

“No, this is not some new Elliott Wave theory… It's what I think is coming next. Pump-range-pump-dump-range-dump-range-pump.”

Overconfidence is not advised!

Analysts at Delphi Digital noted that Bitcoin is now bumping up against the “simple trendline connecting the local highs from December 2021 and February 2022.”

According to Delphi Digital, now that BTC is back above $40,000, traders should “look for this level around $42,500-$43,000 to be tested,” which is exactly what occurred in trading on March 9.

Delphi Digital said,

“Contrarian sentiment analysis is often a good place to begin looking for trades much like the latest short-term rally in prices off of the $34,000 lows, but we caution the worsening macro and global backdrop is still a key consideration for market performance at this point in time.”

Related: Price analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Bitcoin needs to close above $43,100

Independent market analyst ‘Rekt Capital’ posted the following chart highlighting that “BTC has performed upside wicks beyond the $43,100 resistance on a few occasions over the past few weeks (orange circle).”

Rekt Capital said,

“Which is why it's important that BTC performs a Weekly Close above this level, just like in the previous blue circle in August 2021.”

The overall cryptocurrency market cap now stands at $1.839 trillion and Bitcoin’s dominance rate is 43.5%.

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.