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.
— 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…