Analysts: The price of bitcoin has reached the bottom and the end of the downward trend is near



A number of analysts in the digital currency market believe that given the recent fluctuations in prices and changes in market sentiment, it can be said that the price of bitcoin has reached the bottom and the end of the downward trend is near.

According to the Kevin Telegraph, tensions between Russia and Ukraine on February 22nd (March 3rd) are still in the headlines. The bitcoin market, like other financial markets, is still under pressure from news of this tension, and the world is waiting for this issue to be resolved in some way.

Bitcoin traded between $ 36,360 and $ 38,330 on February 22; Because the existing positive and negative news provided different and confusing signals to traders who trade only on the basis of news.

Analysts: The price of bitcoin has already reached the bottom
One-day chart of the price of bitcoin in dollars.

Below we will look at what different analysts think about the latest changes in bitcoin prices and what levels to look out for in the future.

I’m back in the $ 38,000 zone

An anonymous analyst, nicknamed Rekt Capital, examines the nature of bitcoin price cycles by publishing the chart below. The chart shows that bitcoin is testing a significant level of support and resistance of $ 38,000.

Analysts: The price of bitcoin has already reached the bottom
Bitcoin price chart; Analysis of the capital company from a one-week market perspective.

Capital Company wrote in its Twitter:

Each time Bitcoin tries to cross the $ 38,000 resistance zone (red zone), it hits the sword correction again before climbing. Green circles indicate a repeat clash of bitcoins. This digital currency is currently being retested at this level.

In addition, this area is still very important when we want to look at the history of the ups and downs of bitcoin markets. Matthew Highland, a technical analyst at Digital Currencies, explains this by posting the image below.

Analysts: The price of bitcoin has already reached the bottom
Bitcoin price chart; Analysis of the Netherlands from a one-month market perspective.

He said:

Bitcoin has one week to stop its fourth consecutive monthly decline. The last time, in the fall of 2018, four consecutive monthly candlesticks were created in the bitcoin chart. The price of bitcoin should close above $ 38,500 this month, so the candle for this month will be green.

As long as we’re over $ 30,000, you don’t have to worry

Digital currency analyst and trader JohalMiles urged market participants to remain calm by posting the following chart on Twitter.

Miles says:

This can be repetitive and annoying, but I can’t believe the feeling of a downturn in the market. At a time when bitcoin has not only not exceeded the $ 30,000 mark, it has not yet reached it.

Analysts: The price of bitcoin has already reached the bottom
Bitcoin price chart; Analysis of miles from a week-long market view.

Another unnamed analyst and user, PlanC, agrees with Miles and talks about the reasons for the market’s rise in the future.

He said:

As long as the price of bitcoin does not fall below $ 30,000 and stays below this range for weeks, I still believe that the trend of this digital currency will be upward. It is worth noting that in the history of bitcoin prices, the range from $ 28,000 to $ 30,000 is very strong support for one year.

Market sentiment says the end of the downward trend in bitcoin is near

Another anonymous analyst, nicknamed Crypto5max, is investigating the mood in the bitcoin market and said that the end of the downward trend in bitcoin seems inevitable. In the chart below, he looks at the NVT Advanced Index. In this index, the market value of bitcoin is divided by the 90-day moving average of its daily trading value.

Analysts: The price of bitcoin has already reached the bottom
Advanced NVT index.

Crypto Five Max wrote on Twitter:

Of course, the price of bitcoin can vary within a certain range; Like 2021, when price repeatedly tests its resilience or support. However, many data show that bitcoin has reached the bottom of its downward trend. Of course, as always, you can think and act as you wish, but I like to pay attention to market fears and my impression is that the bitcoin trend is going up.

The total market value of digital currencies is currently $ 1.693 trillion, and the degree of dominance of bitcoin is 42.2%.

Analysts’ publication: The price of bitcoin has reached the bottom and the end of the downward trend is near, it appeared for the first time in digital currency.

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