Bitcoin Recovered, But Analysts Say It’s ‘More Of The Same’ Until $46K Becomes Support

“Volatility” is the word of the month and that’s exactly what cryptocurrency investors saw today as Bitcoin rallied after concerns over the Biden administration’s executive order over crypto turned out to be a “nothing citizen.”

Data from Coin-Crypto Markets Pro and Trading Display shows that after trading near $39,000 in recent days, Bitcoin (BTC) price spiked 10.42% to an intraday high of $42,606 as cautious traders flocked back to the market.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what traders and analysts are saying in the market about this latest move and the areas of support and resistance to watch.

“Different pump, same story”

Wednesday’s move for Bitcoin was just a repeat of recent behavior according to crypto analyst and pseudonymous Twitter user ‘Plan C’, who Posted the following table stating “Different pump, same story.”

Upper and lower trend support bands for Bitcoin. Source: Twitter

plan C said,

“BTC needs to break through the “downtrend resistance band,” AKA Uptrend Support Band, and then hold it as support. Otherwise, this is just another cry. Uptrend Support Band: $43,564 – $46,265.”

Independent market analyst ‘Crypto_Ed_NL’ agreed with this sentiment and suggests further sideways trading in the after below.

BTC/USD 4 hour chart. Source: Twitter

Crypto_Ed_NL said,

“No, this isn’t some new Elliott Wave theory… It’s what I think comes after. Range-pump-dump-range-dump-range-pump.”

Overconfidence is not recommended!

Analysts at Delphi Digital noted that Bitcoin is now hitting the “simple trendline connecting the local highs of December 2021 and February 2022”.

BTC/USD 12-hour chart. Source: Delphi Digital

According to Delphi Digital, with BTC back above $40,000, traders should “look for this level around $42,500-$43,000 to be tested,” which is exactly what happened during trading on March 9.

DelphiDigital said:

Analyzing the conflicting sentiment is often a good place to start looking for trades, as is the latest short-term rally in prices from the lows of $34,000, but we caution that the deteriorating macro and global background at this point is still is an important consideration for market performance. on time.”

Related: Price Analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Bitcoin Should Close Above $43,100

Independent market analyst ‘Rekt Capital’ Posted the following chart shows that “BTC has been executing upward wicks above the $43,100 (orange circle) resistance a few times in the past few weeks.”

BTC/USD 1 Week Chart. Source: Twitter

Rack Capital said,

“It is therefore important that BTC perform a Weekly Close above this level, just like in the previous blue circle in August 2021.”

The total cryptocurrency market cap now stands at $1,839 trillion and Bitcoin’s dominance is 43.5%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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