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Technical Analysis for BTCUSD for 22nd March 2022

Bitcoin Could Break Above the $42.5k and $45k Resistance Zone

The Malaysian government has a proposal to make Bitcoin and cryptocurrencies legal tender.

Past Performance of BTC

The Bitcoin price remains within a narrow trade range below last week's trade range while BTC buyers appear exhausted. When writing, BTC is up nine percent week-to-date versus the USDT and up three percent on previous trading day as buyers flow back, reversing weakness of March 20 and 21.

Bitcoin Technical Analysis

The path of least resistance from a top-down approach remains southwards as per the development in the weekly chart. However, buyers are in control in the medium term, trending inside last week's trade range. For this reason, even dip within the March 16 bull bar may offer entries for optimistic buyers expecting a solid surge towards immediate resistance lines at $42.5k and $45k, respectively. Conversely, a high-volume dump below the multi-week support trend line and $37.8k would shift focus on bears from mid-November 2021.

What to Expect of BTC

Traders are upbeat. All the same, prices remain below a critical liquidation zone between $42.5k and $45k.

Resistance level to watch: $42.5k

Support level to watch: $37.8k

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

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