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Technical Analysis for BTCUSD for 29th March 2022

Bitcoin Buyers Ramping Up on Improving Sentiment, Next Stop $50k

The number of open interest across cryptocurrency derivatives exchanges is increasing, pointing to renewed interest and possibly high liquidity in the days ahead.

Past Performance of BTC

The Bitcoin price is trading within a bullish breakout pattern following a high volume surge over the weekend. BTC is up 17 percent in the past trading week at spot rates versus the USDT, as buyers double down, loading the dips.

Bitcoin Technical Analysis

Following the explosion of the past two days, lifting BTC above the $45 and $46.5k liquidation zone—now support, the path of least resistance is northwards. Due to the high trading volumes—pointing to trader interest, the upside momentum is also high. Notably, BTC bull bars are banding along the upper BB as divergence with the middle BB also increases, pointing to bulls' strength and price volatility. Traders may find entries on every correction with targets at $50k and later $53.5k.

What to Expect of BTC

Buyers are upbeat, propped by favorable developments in the U.S. and Europe. As BTC and the crypto market recover, the coin could increase towards $50k—and better.

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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