On March 22, a bullish narrative begins to form in the cryptocurrency ecosystem as the price of Bitcoin (BTC) briefly soared above $43,000 while Ethereum (ETH) regained $3,000 support after depositing $110 million ETH into Lido liquidity pools.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rose 6.15% from $40,884 in the early hours of Tuesday to an intraday high of $43,380 before consolidating around the $42,300 support.

1-day BTC/USDT chart. Source: Trading View
Here’s what many analysts have to say about Bitcoin’s recent price performance and support and resistance levels to keep an eye on going forward.

BTC price may correct lower price
The March 22 Bitcoin move warning was issued by a market analyst and Twitter user alias “Right Captial” who posted the following chart and noted that “if Bitcoin manages to test the green dotted diagonal again as new support” it will move against the green ~43,100 dollars is resistance ahead. ”

Weekly BTC/USD chart. Source: Twitter
According to the trader, this was a good development as it “confirmed” the end of Bitcoin’s “multi-month streak of lower highs” and suggested that we could move higher soon.

Despite this bullish event, another trader under the Twitter username “Ed_NL” warned that it might be too early to go long BTC based on price action after the pump.

15 minute BTC/USD chart. Source: Twitter
“BTC forms a bearish flag after the first drop, but it seems like a typical trap where we first get out of short positions before going for a correction,” the analyst said.

hugs with higher potential
Upside potential for BTC was also highlighted by crypto trader and The Wolf of All Streets podcast host Scott Melker, who posted the following chart and noted that Bitcoin “continues to drop higher, consolidating towards a key level around $45,500.”

Btc/usd 1-day chart. Source: Twitter
An options trader and Twitter user under the alias “Joe Wick” has also noticed this bullish drift on the BTC chart, indicating potential pressure in play that could lead to further price increases.

Btc/usd 1-day chart. Source: Twitter
Wake further explained:

“Remember that we have a compressed area of ​​the shadow that looks like it’s about to burst out! The technical catalyst to break through the $45,000-$46,000 resistance could be.”
Related: Bitcoin floats at $43,000 on Wall Street amid fever over Terra’s $3 billion BTC purchases

Maintain support at $42,300.
Crypto trader and Cointelegraph contributor Michael van de Poppe shared his opinion by posting the following chart, which highlights a Bitcoin startup that managed to get “important support.”

2-hour BTC/USDT chart. Source: Twitter
“If Bitcoin can hold these levels, it seems to me that we will have a period of respite in all markets. That would be good,” Van de Poppe explained.

The total cryptocurrency market capitalization is currently $1.923 trillion and the Bitcoin dominance rate is 42%.

Source: CoinTelegraph

LEAVE A REPLY