The Level To Beat For Bitcoin To Register Another Bull Rally
25 Marzo 2022 - 5:00PM
NEWSBTC
Bitcoin remains on a positive recovery trend. One that could very
well see it beat the coveted $45,000 resistance point. This price
level remains the level to beat for the digital asset as this is
where bears continue to mount the most resistance. Bitcoin had
tested this level in the early hours of Friday but like always, met
significant push that caused it to crash back down below it. In the
wake of this crash, the market saw bitcoin lose almost $1,000 in
the space of two hours. However, this dip would be defined by a
higher low as bitcoin had been able to find support above $44,000
and continue on its recovery. This demonstration at $45,000 shows
that until the digital asset can successfully beat and settle above
this level, it can never truly be said to have begun another bull
run. Related Reading | Quant Explains How Stablecoin Ratio Can
Give Bitcoin Buy Or Sell Signals The market is now turning
favorable for buyers although sellers still maintain a majority
hold on the market. If bitcoin is to beat $45,000 and register on
another bull run, then buyers would have to turn up their support.
Otherwise, bitcoin will continue to fail in its quest to beat this
level. Thus leaving the market in what is threatening to be another
long stretch of bear market. In the short term, the indicators are
turning bullish in favor of bitcoin. This comes after the digital
asset cemented its position above the 50-day simple moving average,
an important milestone for an asset looking to break out of a bear
trend. This has successfully moved sentiment out of fear in regards
to the asset and buying pressures are on the rise. But Why $45,000
For Bitcoin? The $45,000 level is important for bitcoin due to its
trading trends in the last few months. Since the December crash,
the digital asset has traded between the $36,000 and $44,000 level,
never once successfully breaking above $45,000. This shows that
this is where bears are taking their stand and a breach of this
point would mean another resettlement into the bull territory. In
the same vein, $36,000 remains the point to beat for bears. As was
witnessed the last four times bitcoin had broken above $40,000 and
trended downwards again, significant support showed between
$36,000-$38,000. A break below this point would be good news for
bears as it would very well put the digital asset on a path down
below $30,000. BTC seeing significant support around the $36k-$38k
level | Source: BTCUSD on TradingView.com Both these points have
now become important make or break points for both camps, leading
to a serious tug of war between the two. Related Reading
| Bitcoin Miner Revenue Grows By 7%. Here’s How Much They Made
Bitcoin is trading above $44,000 at the time of this writing.
Indicators point towards another test of the $45,000 level but only
if the asset can pick up enough buying momentum to recover above
$44,600. Featured image from BBC, chart from TradingView.com
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