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Technical Analysis for BTCUSD for 28th March 2022

Bitcoin Surges 15% as BTC Bulls Rip Past $46.5k

From next year, the city of Rio de Janeiro will begin accepting Bitcoin and cryptocurrency as a means of paying taxes.

Past Performance of BTC

The Bitcoin price has broken above a multi-week resistance zone of $45k and $46.5k. At spot rates, the coin is up 15 percent against the USDT in the last trading week as bull bars band along the upper BB. As per the project's fundamental development, BTC bulls may find the momentum to surge towards $50k  in a buy trend continuation pattern.

Bitcoin Technical Analysis

The BTC price has broken up after an extended BB squeeze traced from early February. 

Currently, Bitcoin bulls have the upper hand following the comprehensive, high volume close above the $45k to $46.5k liquidation zone in a clear buy trend continuation pattern. 

This surge now defines the medium-term trajectory for BTC, founding  a base for the leg up towards $50k and $53.5k—providing an opportunity for Bitcoin traders.

What to Expect of BTC

Bitcoin has broken to new multi-week highs—drawing in more buyers in a buy trend continuation pattern.

Resistance level to watch: $50k

Support level to watch: $46.5k

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

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