This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 2nd March 2022

Bitcoin Revival: BTC Bulls Firm But Will BTCUSDT Break Above $45k?

A new report reveals that there are more Bitcoin addresses than registered bank accounts in crypto-warm El Salvador. President Nayib Bukele became the first to approve BTC as legal tender in the country in 2021.

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020