Analysts: Bitcoin has already become a major support for $ 40,000

Some digital currency analysts believe that the recent jump in the price of bitcoin, the $ 40,000 level that was once significant resistance, has become key support, and recent investor purchases are increasingly pushing price support toward more high levels; What happens next may lead to a continuation of the upward trend.

According to the Coin Telegraph, although bitcoin is facing significant resistance this week, the price appears to be in good general condition.

Filbfilb, analyst and founder of Decentrader, updated its analysis of the price of bitcoin on March 2, joining a group of people who believe that the digital currency trend will continue to rise.

Other traders think over $ 40,000

The price of bitcoin rose sharply on Monday, which surprised market participants. Now it seems that this digital currency wants to reach price peaks in February. Although Bitcoin has not yet been able to do so, the sentiment of traders and market investors has changed rapidly and they have responded very well to the news.

Philby Philip, meanwhile, believes bitcoin’s passage through the 50-day moving average (MA) and “significant” weekly levels is a good sign. According to him, from now on these levels can act as a support zone.

He said:

The general terms of bitcoin look very good in the middle of the week. In the long run, the digital currency market has significant levels that continue to be contested.

If the price of bitcoin falls again, the digital currency is likely to stop at around $ 40,770, and the last level at which the 3-day candlestick closes is likely to be “at the lowest level” nearby.

Philip Philip said of the international situation:

Given the conflict between Russia and Ukraine, the situation in the world is still unstable and literally anything can happen.

Analysts: Bitcoin has already turned $ 40,000 into support
Chart of the price of bitcoin in dollars; Weekly market review.

However, despite the turmoil that has disrupted the global market order, a number of factors indicate that the situation with bitcoin is improving.

According to Iurien Timer, director of macroeconomics at Fidelity Investments, one of the largest investment companies in the United States, Bitcoin and companies whose stock market shares are close to those of digital ones are apparently being formed. They are the “double floor” model.

If bitcoin can create a double floor, its peaks in February should turn into good and strong support ranges. These price levels are just below the $ 46,000 range.

Read also: Introducing 10 models of technical analysis charts that every trader should know

Price support is rising

Data from Bainance’s Procurement Office show that in recent days, traders have also begun to make positive and optimistic moves.

As the price of bitcoin has risen, demand for this digital currency has also risen to higher levels, and as it turns out, many orders have registered at $ 43,200. At the same time, traders should be aware that the pressure to sell this digital currency could increase in the range of $ 45,000.

Analysts: Bitcoin has already turned $ 40,000 into support
Thermal map of orders registered on the “Bitcoin / Tetra” market of Bainance Exchange; (Brighter dots mean more group orders at this level).

According to analytics site Glassnode, almost everyone who bought bitcoins at the $ 69,000 peak in November has already sold, so investors want to exit the market in the area between current levels and the historic peak is lowering the price.

This site writes in its weekly analysis:

During these 2.5 months of limited price fluctuations, large quantities of bitcoins were sold on exchanges. Then buyers who trust bitcoin more bought the proposed amount. It is worth noting that the price of these offers can vary between $ 29,000 and $ 40,000. This shows that bitcoin has been redistributed and has turned from weak investors into strong investors.

Analysts’ publication: Bitcoin now turns $ 40,000 into significant support appeared for the first time in the digital currency.

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