Technical Analysis for BTCUSD for 3rd March 2022
Bitcoin Slows Down, BTC Finds Ceiling at $45k
Past Performance of BTC
The Bitcoin price is recovering and poised to close above the $45k level in a move that will likely set the medium-term trajectory for the coin in the short to medium term. When writing, BTC prices were retesting the $45k level and set for a refreshing leg up above the $1.5k resistance zone capped at $46.5k on the upper end.
Bitcoin Technical Analysis
At press time, bulls have the upper hand. However, BTC prices are stalling, recoiling from the $45k resistance level. Considering how upbeat traders are and the supportive fundamentals as BTC finds utility as a store-of-value asset, traders may reload on dips within the February 28 to March 2 trade range. A close above $45k would confirm buyers of February 28, igniting demand that would likely propel BTC towards $50k—or better in subsequent sessions. Even so, if prices cool off from spot rates, the BTCUSDT uptrend will still be valid above $40k in line with the trend set by the February 28 bull bar.
What to Expect of BTC
From the daily chart, BTCUSDT prices are boxed within a $5k zone with caps at $40k and $45k. Based on the developments in the daily chart, buyers have the upper hand buoyed by fundamental factors.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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