Technical Analysis for BTCUSD for 2nd March 2022
Bitcoin Revival: BTC Bulls Firm But Will BTCUSDT Break Above $45k?
Past Performance of BTC
The BTC price is within a bullish breakout pattern as per developments in the daily chart. After the strong upswing of February 28, bulls have thus far been successful in retaining prices above the $40k level, a bullish signal. At spot rates, buyers are in the driving seat, and BTC prices could edge higher in the days ahead.
Bitcoin Technical Analysis
BTCUSDT prices are bottoming up at press time. Buyers are resilient above February 28 highs. Accordingly, traders may align with the bullish engulfing bar of February 28, loading the dips as long as prices are within the past two days' trade range. Based on this outlook, the near-term buy target is $45k and later $46.5k—the upper limit of the liquidation level. Depending on the strength of the breakout above this zone of resistance, BTC could tear higher towards $50k and later to $53.5k—a critical resistance level.
What to Expect of BTC
Bitcoin prices are firm at spot rates, bottoming up after posting deep losses in the past three months. Even still, the reaction at February 2022 highs at around the $45k to $46.5k zone is critical and would shape the medium-term price trajectory.
Resistance level to watch: $45k to $46.5k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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