Bitcoin (BTCIt remained near the top of the last trading range on March 20th as the weekly close seemed to be on the verge of breaking the multi-week high.
Weekly close may lead to 4-week high
Friday’s late rally held on a large scale, and Saturday saw a return of $42,400 on Bitstamp, matching the highest level since the beginning of March.
Now, it looks like the weekly chart is poised to deliver the best weekly close for Bitcoin since early February.
“This could change at any time, but honestly the bitcoin price chart currently looks better than it has for a long time now,” analyst Lyn Alden Summarization At the end of last week.
Previous snippets warn of a real turnaround in bitcoin price action, with famous trader Bentoshi Warning The potential rally is not likely to last and will eventually become a prelude to new lows.
Meanwhile, Twitter Analyst Credible Crypto presented two possible paths for BTC/USD based on daily demand holding the market at a specific price.
One option included a breakout of $42,500 followed by $45,000, while its bearish counterpart made a lower target between $29,000 and $32,000.
Update to this idea – daily demand held and if we see option 1 being triggered – the triangle structure may already be completed. If that is the case, it will become very clear in the next couple of days. Starting to break 42.5k and 45k soon after. BTC dollars https://t.co/iSDcDUhpaY pic.twitter.com/RUqs0tzsMI
– CredibleCrypto March 20 2022
But on the longer time frames, confidence was evident.
“As long as the price continues to close above 34K on the W3 time frame, this hidden uptrend is likely to continue and send us to the new ATH,” added In another update Sunday.
Stocks are rebounding at the last minute
Gearing up for another macro week, markets were looking quite stronger despite the headwinds facing Europe and the US in particular.
Despite the ongoing Russo-Ukrainian war, European stocks rebounded on Friday, something market commentator Holger Schipz said. describe it He is “totally insane”.
He noted that “European stocks have now fully recovered from the shock of the Russian invasion of Ukraine.”
If the unlikely optimism continues, Bitcoin could benefit from the value Correlation with stock performance Insist – stick to his opinion.
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