Bitcoin price holds key support level — Can BTC rebound to $43K next?
Bitcoin (BTC) looks poised to test the $43,000 level in March, according to a technical setup shared by Rekt Capital, a pseudonymous market analyst.
Bitcoin's drop toward $37,000 on March 7 was met with modest buying sentiment, leading to a price rebound above $39,000 on March 8. Interestingly, the upside retracement move originated around the same upward sloping trendline serving as an accumulation zone for traders in 2022.
Update after 2 months: Too many retail investors on derivative exchanges could be a bearish signal.The good news is that we have some whales who are accumulating $BTC in this price range of 35k-45k lately.Live Chart https://t.co/N7kJnbe06k pic.twitter.com/gK9AtzGoy6
Rekt Capital spotted the successful retest of the trendline in his latest outlook, noting that the move could have Bitcoin climb above $43,100 next, providing it breaks above the green dashed diagonal resistance as shown in the chart below.
"Successful retest here and BTC could actually repeat last week's move," commented Rekt Capital on March 8.
The interim bullish outlook appeared as Bitcoin remained stuck inside a wide trading range — between $34,000 and $45,000 — all across Q1/2022. In doing so, BTC withstood extreme selloff pressure leveled up by the ongoing macroeconomic and geopolitical concerns, including rate hike fears and the military conflict between Russia and Ukraine.
$BTC-- Sideways -- 32-34k key support, 43-47k key resistance-- Headline algo trading + correlation chop in between-- Mid-term bull. momentum case validated if 43-47k finally breaks (tested several times)-- Sideways = wait for extremes/boundaries to trade, not there yet pic.twitter.com/RsytMYajWf
Filbfilb, the cofounder of trading suite DecenTrader, also noted last
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