Buying Bitcoin has been touted by crypto advocates as a safe refuge against depreciating currencies and political unrest. Now, as Russia’s invasion of Ukraine adds to the globe’s humanitarian and financial woes, the world is taking a closer look at whether cryptocurrencies can live up to those promises.
Bitcoin Price Action
Over the previous 24 hours, BTC/USD has moved in a range of $38,347.43 – $40,081.68, exhibiting significant volatility. The entire trading volume has decreased by 15.23% to $26.1 billion. Meanwhile, the overall market capitalization is roughly $736.6 billion, giving it a 42.53 percent market share.
BTC is currently consolidating in the bearish flag pattern on the 4-hour timeframe, failing to reach either trendline for the third time. This structure verifies the bearish scenario, which can only be disproved by a bullish breakthrough from the top trendline.
At the time of writing, BTC Price is trading at $39,168.63. The major resistance on the upside is at $40,000 and the support on the downside is at $38,500. Meanwhile, unless the king coin recaptures $40,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may plunge significantly lower.
Also Read : Bitcoin(BTC), Ethereum(ETH) & Cardano(ADA) Price To Hit This Level During the Weekends?
BTC Price should clear this level first
According to a prominent crypto analyst, once Bitcoin (BTC) breaks through a critical price region, it will ignite a massive rise. Rekt Capital, a pseudonymous trader with 292,000 Twitter followers, predicts that the top crypto asset by market cap would break out once it passes the $43,000 barrier.
He says the most prominent BTC EMAs [exponential moving averages] and MAs [moving averages] that have historically predicted breakouts show that the $43,100 level is “the” one to break for massive upside.
The expert points out that the last time BTC broke through the $43,000 price barrier while maintaining its upward trend, it triggered a rush that sent Bitcoin to its all-time high in November 2021.
The strategist goes on to warn that certain of Bitcoin’s technical indicators are converging, indicating that the price of BTC may soon begin to rise.
Rekt says that not only is BTC’s price producing a higher low on the weekly timeframe, but it’s also forming a higher low on indicators like the RSI [Relative Strength Index] or the MACD [moving average convergence/divergence].
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Source: https://coinpedia.org/bitcoin/bitcoin-traders-can-expect-btc-price-to-break-out/