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. 

BTC rebounds from solid 2022 support

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

— Ki Young Ju 주기영 (@ki_young_ju) March 8, 2022

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.

BTC/USD weekly price chart. Source: Rekt Capital, TradingView

“Successful retest here and BTC could actually repeat last week’s move,” commented Rekt Capital on March 8.

Bitcoin to $30K?

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

— DonAlt (@CryptoDonAlt) March 8, 2022

Filbfilb, the cofounder of trading suite DecenTrader, also noted last weekend that “Bitcoin is rangebound on a macro level,” but its long-term structure suggests that it would break to the upside.

“In the immediate term, if the 50 DMA and 3-day level…

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