Bitcoin Rejects Bears, Upside Limited at $29k
Past Performance of Bitcoin
Bitcoin prices are steady at spot rates, and the uptrend remains. After contractions on March 22, the recovery yesterday has been noteworthy. Specifically, BTC is inside a rising channel with caps on the upside at 29k. Meanwhile, the uptrend will be so as long as prices are inside or above the range defined on March 17. Support is at March 22 lows at around 26.6k.
Bitcoin Technical Analysis
Buyers are in the driving seat, shaping the current price trajectory. Even though there were lower lows on March 22, the failure of bulls to close above
29K suggests weakness. In the current rising channel, anchored by the March 17 bull bar, traders can buy the dips once there are gains above this week's highs. In that case, BTC may easily float to 30k and 32k. Meanwhile, any confirmation of March 22's bear bar below 26.6k may trigger a sell-off back to 
25K in a retest.
What to Expect From BTC?
Traders are upbeat about what lies ahead. Therefore, fundamental factors could fan the next leg up towards 32k, considering concerns about the banking system in the United States. Even so, any crack below 26.6k will question the strength of the uptrend.
Resistance level to watch out for:29K
Support level to watch out for: 26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are steady at spot rates, and the uptrend remains. After contractions on March 22, the recovery yesterday has been noteworthy. Specifically, BTC is inside a rising channel with caps on the upside at 29k. Meanwhile, the uptrend will be so as long as prices are inside or above the range defined on March 17. Support is at March 22 lows at around 26.6k.
Bitcoin Technical Analysis
Buyers are in the driving seat, shaping the current price trajectory. Even though there were lower lows on March 22, the failure of bulls to close above
29K suggests weakness. In the current rising channel, anchored by the March 17 bull bar, traders can buy the dips once there are gains above this week's highs. In that case, BTC may easily float to 30k and 32k. Meanwhile, any confirmation of March 22's bear bar below 26.6k may trigger a sell-off back to 25K in a retest.What to Expect From BTC?
Traders are upbeat about what lies ahead. Therefore, fundamental factors could fan the next leg up towards 32k, considering concerns about the banking system in the United States. Even so, any crack below 26.6k will question the strength of the uptrend.
Resistance level to watch out for:
29KSupport level to watch out for: 26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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