Bitcoin (BTC) limited its consolidation on March 18 when it looked like the TradFi trading week would end at $ 40,000.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Traders wait patiently for a quantum leap
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD maintained support at $ 40,000 overnight, along with the area identified as “key” in Thursday’s analysis.
Macro signals declined after the confirmation of the US Federal Reserve’s rate hike, while the lack of new stimulus from Europe stabilized the markets as a whole.
For the popular Crypto Ed trader, the next few days should be either a continuation of the $ 43,000 target range or an outbreak of the current trend.
Elliot Wave setup analysis for BTC / USD 4-hour chart. However, he noted that the cycle was “bearish” before the eruption of the $ 45,000 peak, which could have come after a few more consolidation moves in between.
He said in a YouTube update on March 17 that these moves, and especially the strong refusal during the recovery, “would be a signal to me to start a purchase.”
Other participants were also increasingly optimistic about the outlook, with Twitter trader Zima even highlighting the outbreak of the long-term balanced volume trend (OBV).
As previously mentioned by Cointelegraph, the increase in OBV reflects the increased demand for the asset at the current trading price. That was the night when Bitcoin went out of its sideways price territory in January 2021.
“I have not moved a single line on my OBV since I started tracking 8 weeks ago,” commented Zima.
“We broke the wedge and reversed the 20-day OBVMA. We are on the verge of a multi-month bullish continuation after the year of the crab.”
Accounting colleague Allen Au added optimism when he saw a possible exit from the 2022 Bitcoin series, up $ 46,000.
Lightning Network reaches new high throughput
The week saw a new boom in the growth of the Bitcoin network, especially Lightning Network, which has exceeded 3500 Bitcoin capacity.
Related: Bitcoin will meet a new “milestone” in 2022 as new forecasts predict the BTC price in millions
Lightning is part of Bitcoin’s so-called “layer 2” technology, and allows you to send instant transactions outside the chain galore, almost free of charge.
This technology has been around for several years, and has quietly evolved behind the scenes to serve growing numbers and regular customers.
“Do not sleep on the Lightning Network, which continues to grow at an impressive rate,” commented network analyst Dylan Leclerc on the statistics.