Bitcoin prices rose almost 22% in March, rising from $23,450 at the end of the month to over $28,500. The large bullish candle has mirrored the one in January, setting up the next major move for the asset.
On April 2, market analyst “The Birb Nest” said that the monthly candle has induced an even more bullish profile for BTC on the daily time frame.
He noted that the daily trend support is at $22,500. This “may serve as a benchmark or anchor for many traders, increasing the chances that BTC will gravitate towards the 200-day average price.”
Consolidation within the $26,500 to $29,300 range may be associated with a continuation pattern, it added.
With a strong monthly close for March, the daily time frame has gained an even more bullish profile for $BTC
Whats Next? pic.twitter.com/aLxsaLs9ZK
— The ₿irb Nest (@TheBirbNest) April 2, 2023
Bitcoin price in Q2
Bitcoin is currently trading down 2.4% on the day at $27,786 during the Asian trading session on Monday morning, according to CoinGecko.
The asset failed to break above the $28,500 resistance over the weekend and has pulled back slightly since. However, it remains within the consolidation range that has formed over the last fortnight.
Upside resistance is around $29,000 to $29,500, while lower support levels are just above $27,000. “A break outside these Bands may imply a more powerful break with the appearance of a new short-term trend”, confirmed the analyst.
Fellow analyst “Rekt Capital” also confirmed that the macro downtrend had ended with the last bullish candle.
#BTC has officially confirmed a breakout beyond the downtrend macro
The macro downtrend is over$BTC #Crypto #Bitcoin pic.twitter.com/GzFrjIGygg
— RektCapital (@rektcapital) April 1, 2023
There are more indicators that Bitcoin prices could go higher. On April 3, another analyst noted that prices had crossed a 21-day exponential moving average indicator, which itself is about to print a very bullish pattern.
“This only happened in 2015 and 2019. Both times, the great bull run started on this signal.”
#Bitcoin (METER)
Why I am incredibly optimistic in $BTC for the next few months?$BTC has closed above the EMA21 line.
But not only that.
The EMA21 is about to cross the smoothing lineThis only happened in 2015 and 2019.
Both times, the great bull run started on this signal. pic.twitter.com/XVFcsPQgGj— ⓗ (@el_crypto_prof) April 2, 2023
Crypto Market Insights
In the short term, crypto markets are down 1.9% on the day, with total capitalization falling to $1.2 trillion on CoinGecko.
Bitcoin leads the losses with a dip below $28,000, and Ethereum (ETH) is down 2.2% to $1,778 as of this writing.
Altcoins are all in the red today, with major losses of more than four percent in Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Shiba Inu (SHIB), and Avalanche (AVAX).
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