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Technical Analysis for BTCUSD for 28th February 2022

Bitcoin Buoyed by Solid Fundamentals but Capped Below $40k

Despite fluctuating prices, Bitcoin holders are firm. Onchain trackers show that 61.7 percent of all coins in supply have not been moved in at least one year. Three months ago, this metric stood at 54.5 percent. It indicates market confidence and possibly the influx of buyers after a 50 percent dump.

Past Performance of BTC

The BTCUSDT price is steady when writing. Even though traders are confident, BTC bulls must clear critical liquidation lines at around $40k before the next leg up resumes, taking the coin towards $45k—or better in sessions ahead. On the flip side, the past week's volatility means market participants are generally apprehensive, waiting for defining formations before committing.

Bitcoin Technical Analysis

From the daily chart, BTCUSDT prices are bound within a tight trade range above $35k but slightly below the $40k round number. The latter is a strong liquidation line and buy trigger that must be comprehensively broken to the upside before traders commit to loading the dips. Notably, BTC prices are bound within the February 24 bull bar, suggesting demand from an effort-versus-result perspective. Therefore, provided BTC is trending within this zone, there could be entries on lower time frames, targeting $40k and $45k. Conversely, deeper losses below $36.5k may see BTC sink to $33.3k—last week's low.

What to Expect of BTC

BTCUSDT price action remains dicey at spot rates amid supporting fundamental factors. Technically, there are hints of strength that first need to be confirmed above $40k. On the flip side, price reversals below $36.5k may see BTC crumble.

Resistance level to watch: $40k

Support level to watch: $36.5k

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

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