The recent sharp appreciation of the price of bitcoin (BTC) is slowing down. It looks like bitcoin has found its first real resistance from this rally. However, we still don’t see a real one. pull backbut the price remains strong around this level and the market and analysts are increasingly bullish†
Bitcoin price finds resistance
The bitcoin price reached $48,000 on Monday night after two weeks of rising. At the moment, however, the resistance here seems to be too great. Bitcoin then fell back to $47,000 but found support here and made a big rebound†
Yesterday afternoon, bitcoin was back at $48,000, but again the resistance was too great. Bitcoin first fell to $47,250 and then made another attempt. This time, however, Bitcoin was already rejected around $47,800 and the price fell sharply again. Bitcoin briefly dipped as low as $46,750 last night.
However, bitcoin could once again be a rebound but the price has yet to move beyond $47,500 this morning. At the time of writing, the price of bitcoin drops to $47,400 on KuCoin and $42,500 on Bitvavo. That is about 0.3% below the price of 24 hours ago.
Keeping it simple is often best.
The price is now breaking above the 1-year MA.
— Philip Swift (@PositiveCrypto) March 29, 2022
Bitcoin is not making a pullback yet
However, this is not too deep. recoil If bitcoin holds here its next target will remain at $48,000 and $48,300 around 200 days. simple moving average† However, if Bitcoin pulls back deeper, the hope is that BTC will find support soon, possibly around $44,780, around 200 days. exponential moving average. Of course, it is also possible that bitcoin could drop to the area of the 100-day moving averages between $42,000 and $43,000.
During the last 3 months #BTC has been acclimatizing between $33,000 to $48,000.
— Plan©️ (@TheRealPlanC) March 29, 2022
Bitcoin analysts are becoming more bullish
Meanwhile, analysts are becoming increasingly bullish become. Price predictions are becoming more positive and more exorbitant. Take these predictions with a grain of salt; the price often moves differently than expected and there is still a lot of fear and uncertainty in the traditional financial markets about possible macroeconomic developments.
$BTC – OBV is nothing but bullish. It looks like the next resistance would put us around $50,000. This is a serious force that we haven’t seen in a long time. April is historically a very bullish month for #bitcoin† pic.twitter.com/ooFwk4YKb4
– IncomeSharks (@IncomeSharks) March 29, 2022
Terra and MicroStrategy continue to buy BTC
Despite this, Terra (LUNA) meanwhile continues to buy bitcoin en masse for its UST stablecoin. Not only is Terra buying a lot of BTC this week, MicroStrategy CEO Michael Saylor will also be stocking up again this week. This type of reversal, and the news surrounding it, can provide an additional boost to give the price enough momentum to break through the next resistance. Bitcoin funds already saw a huge influx last week.
—Michael Saylor⚡️ (@saylor) March 29, 2022
Bitcoin mining FUD is back
However, once bitcoin starts doing well, we will see the fear, uncertainty and doubt (FUD) on mining and energy return. For example, Greenpeace wants bitcoin to change the network protocol of work test (PoW) to proof of stake (PoS), which has very little chance of success. That in turn is accompanied by a lot of misinformation.
This campaign is supported by Ripple (XRP) founder Chris Larsen. He is putting a whopping $5 million into this fight. Since Ripple was sued, lawyers for the company have lashed out at bitcoin and ethereum (ETH) several times. For example, they accused last year that this cryptocurrency was allegedly completely in the hands of the Chinese.
Crypto Insiders Premium Bitcoin Review
Are you interested in delving deeper into bitcoin and the price? Then take a look at our premium environment! This is where the community and our analysts share and discuss daily technical analysis. You can also contact our crypto coaches here who will be happy to answer your questions. Now you can try it free and without obligation for the first 30 days!