Bitcoin Price Analysis: What is the condition for continuing the price recovery process?



The price of bitcoin fluctuated a lot this week and this shows investors’ distrust of the current market situation.

According to Kevin Desk, most technical indicators seem neutral and, as it turns out, short-term buyers, such as the beginning of 2022, will be more active in the range between $ 35,000 and $ 37,000.

The MACD is positive in the 1-week market view and negative in the 1-month view, indicating that the limited volatility of the bitcoin price may continue and the average price volatility during this period is expected to be around 20%.

Bitcoin Price Analysis: What is the condition for continuing the price recovery process?
Bitcoin price chart in weekly view.

The 100-week moving average (MA 100 – green line in the photo), which is currently at $ 35,388, is an important support to maintain the current market trend. This means that in order for the price recovery to continue, buyers must maintain the position of bitcoin above this level.

The 40-week moving average, which is currently hovering at $ 46,800, continues to be one of the key levels of resistance.

On March 28, bitcoin was a short distance from its $ 50,966 target, but like last September, buyers failed to reach that level. Currently, the condition for confirming the upward trend of the chart, which may reverse the general price trend, is the weekly candle of Bitcoin to close over $ 40,000 the next day.

Bitcoin price analysis after publication: What is the condition for continuing the price recovery process? appeared first for currency.

Leave Your Comment

Your email address will not be published.

Supportscreen tag