Bitcoin (BTC) “looks very good” as the week goes on, with bulls lining up several important levels of resistance.
In an update for Telegram subscribers on March 2, Filbfilb, an analyst for the Decentrader trading package, joined the growing bullish trend in the BTC/USD forecast.
The trader focuses on levels above $40,000.
After surprising the market with its eruption on Monday, Bitcoin surged to challenge February highs. Investors and traders haven’t outdone it yet, but they reacted very positively to the news, and sentiment metrics show a rapid turnaround in the market.
As for Filbfilb, the outlook is quite rosy after BTC/USD broke the 50-day moving average (MA) and the “massive” weekly level, which could now act as support.
“Bitcoin is looking very good in the middle of the week. The HTF has several key levels that are being challenged,” he concluded.
In a bleak scenario, the point of interest for the bulls is $40,770, ideally forming a lower weekend on the 3-day time frame.
About the current overall situation, Filbfilb added: “A slightly crazy environment, on the verge of literally becoming possible under conflict.”
BTC/USD chart at noticeable levels. Source: Filbfilb / TradingView
But even with the turmoil currently gripping global markets, this is a sign that the worst for cryptocurrencies like this asset class is over.
As Jurrien Timmer, director of global macroeconomics at US asset management giant Fidelity Investments, points out, it appears that both Bitcoin and related stocks have formed a “double bottom”.
Therefore, for BTC/USD to continue, the current February high of just under $46,000 must be convincingly reversed against the support.
Daily chart support is creeping up
Order history data from the major exchange Binance also shows an increased bullish movement of traders in recent days.
Related: 3 Reasons Why Bitcoin Price Hit $45,000 in March
With bitcoin on the rise, prices are rising at a rapid pace and new demand is now around $43,200. Meanwhile, $45,000 remains the main area of selling pressure.
BTC/USD (Binance) order book data chart. Source: Important Indicators.
However, as online analytics firm Glassnode reported this week, data shows that nearly all buyers at the $69,000 highs in November have now given up, reducing the overall willingness to exit at price points between this and the current location. .
“During the 2.5-month consolidation period, most of the supply by large buyers was transferred to the exchanges for sale. This offer was then gradually absorbed by buyers with high beliefs, as the value of these coins became more important in the price range than he explained in his weekly newsletter. Recent, week on series.”
“This behavior describes a comprehensive redistribution of a weak hand into a strong hand.”