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Technical Analysis for BTCUSD for 22nd March 2023

Bitcoin Momentum Strong as BTC Anchors on $25k

Past Performance of BTC

Bitcoin's march higher continues as of writing. From the daily chart, BTC buyers continue to step up their accumulation, pushing prices higher. BTC may extend their gains, building on recent gains, in continuation of the bullish breakout formation above February highs. The next feasible target stands at $32k.

Bitcoin Technical Analysis

Bulls are solid and upbeat per the technical candlestick arrangement in the daily chart. Bars are still along the upper BB, and the short-term trend is defined. Since trading volumes are also expanding, traders can look to ride this rally, buying on dips above $25k or February highs. BTC may continue ripping higher at this pace, breaking strongly above May's key reaction points to $32k as the coin recovers after last year's sharp losses.

What to Expect from BTC

The uptrend is clear, and BTC is trading above crucial resistance lines. Since bulls are in control and the upside momentum defined, the immediate reaction level that traders can watch out for is the $30k psychological point and, later, $32k.

Resistance level to watch: $32k

Support level to watch: $25k

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

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