Technical Analysis for BTCUSD for 31st March 2022
Bitcoin Upside Momentum Dwindling, BTC Resistance at $48.5k
Past Performance of BTC
The Bitcoin price is currently stable, trailing the USDT by three percent on the previous trading day. Overall, buyers are still in control. However, the contraction of March 30 threatens to bog down progress following a solid 43 percent surge from 2022 lows. Based on the BTC candlestick arrangement in the daily chart, there could be more upsides for the coin, especially if buyers race past $48.5k.
Bitcoin Technical Analysis
Bitcoin buyers are firm at spot rates despite lower lows relative to the upper BB. Despite losses on March 30, a revival pushing the coin above $48.5k may spark further demand in the medium term, cementing the uptrend. At spot rates, aggressive traders may double down on pullbacks above $46.5k with targets at $48.5k and $50k in the short term. If sellers of March 30 press lower below $46.5k, BTC may retest the lower end of the support zone at $45k.
What to Expect of BTC
Shifting crypto sentiment, upbeat traders and strong fundamentals merge to support BTC prices. A close above this week's high opens further doors for Bitcoin traders angling $53k or better in the medium term.
Resistance level to watch: $48.5k
Support level to watch: $46.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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