Bitcoin (BTC) cautiously starting to look more and more positive. The price finally started to climb slightly this week and jumped again yesterday afternoon. Still, the question is whether bitcoin has enough momentum to finally break out of its current range, the market is still very cautious.
Bitcoin price climbs to next resistance
From bitcoin price was finally able to climb cautiously out of the $39,000 area earlier this week, then climbed as high as $41,000. However, bitcoin still had some trouble holding on to that.
Yesterday, support also seemed to have collapsed around $40,700, but when bitcoin hit $40,4000, the price jumped sharply. Bitcoin shot up 4.8% from there to a high of USD 42,350.
Subsequently, bitcoin was able to find support around USD 41,700 and held there for the rest of the night. This morning, bitcoin is still holding on to this for the time being and comes out at a price of $ 41,700 at KuCoin and €37,700 on Battle.
This could change anytime, but frankly the #Bitcoin price chart currently looks better than it has for quite a while now. pic.twitter.com/RUt0qeRql9
— Lyn Alden (@LynAldenContact) March 18, 2022
Many resistance levels for bitcoin
Bitcoin appears to be slowly breaking out of the symmetrical triangle pattern with this rise. In any case, the price pushes against the top of this trend channel. The level around $40,000 seems to be turning into support. However, it is certainly still possible that the price will be rejected again around $42,500 as last time or around $44,500 as at the beginning of this month.
The 100 Days simple moving average (SMA) is now around USD 42,450 and the 100 days exponential moving average (EMA) around $43,000. The 50-week EMA also comes in at around 43,000. However, bitcoin may need to break the 50-week SMA around USD 46,000 before we can speak of an actual trend reversal. Should bitcoin be rejected at the above levels, we may see another retest of the lows and bitcoin is consolidating even longer in this range.
Price contained by the value area currently still.
But how much longer for?$ BTC pic.twitter.com/EDjTrLfAYn
— Miles J Creative (@JohalMiles) March 18, 2022
Bitcoin Accumulation Continues
Meanwhile, the un-chain data is still a very bullish sketch picture. Although a large part of the investors are still on the sidelines, a large group is also holding its BTC firmly and even continues to accumulate. Short-term holders, who are often the first to sell out of panic, are now also holding their BTC. The total supply on exchanges continues to decrease and at some point this can be up to a supply shock leiden.
Intense upward pressure forming for #Bitcoin
1. Short-term holders holding tight
2. 37k #BTC flowing out of exchanges
3. Illiquid supply curve steepensRead more here 👇https://t.co/VB2a0BHthe pic.twitter.com/O1aohWZB8F
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Ninetropic_) March 18, 2022
Bitcoin on exchanges, a new 3-year low. pic.twitter.com/e2pFj34jKF
– Lex Moskovski (@mskvsk) March 19, 2022
–
