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Technical Analysis for BTCUSD for 21st March 2023

Bitcoin Contracts from $28k but Bulls Remain Upbeat

Past Performance of BTC

Bitcoin remains in an uptrend, reading from the performance in the daily chart. Even though there was a contraction on March 20, forcing the coin below $28k, buyers are still in control. As it is, BTC will be bullish, provided prices are above $25k and February 2023 high.

Bitcoin Technical Analysis

Buyers are confident, and traders anticipate even more gains in the days ahead. For now, the uptrend is defined, and every pullback above the $25k support might offer entries for aggressive traders. If bulls manage to push prices higher, any surge above this week's high may see BTC float to $32k. This preview holds because the Bollinger Bands are still diverging, and bars are along the upper BB, pointing to strong upward momentum. Besides, the March 17 bullish breakout bar defines the short-term momentum from an effort versus result perspective; a net positive for optimistic traders.

What to Expect from BTC

The uptrend is firm, which will remain as long as BTC is above $25k. This support is critical and may anchor the uptrend even if there is a retest from spot rates. Buyers must soak all selling pressure and sustain prices above this reaction line.

Resistance level to watch: $32k

Support level to watch: $25k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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