BITCOIN - Technical Analysis
Updated
Bitcoin is facing $45,000 resistance today and has experienced slight declines compared to yesterday. Bitcoin is currently priced at around $ 44,000.
Bitcoin dominance currently accounts for about 43.1% of the total cryptocurrency market volume, and the cryptocurrency market cap is slightly higher than yesterday at about $1.93 trillion. The 24-hour trading volume of the cryptocurrency market is $ 109 billion.
This week has been an exciting week for the cryptocurrency market as a whole, and most of the Altcoins have been bullish with BTC growth. In the meantime, some Altcoins increased 150%, 100%, and...
For example, UMA grew by more than 150%, WAVES grew by nearly 100%, and other Alts grew well.
The index of fear and greed is recovering very slowly. Yesterday, The index went from a strong fear range to a neutral range at 51. It is still at 52 today and is still in the Neutral range.
Bitcoin is currently engaged in resistance and has recorded two bearings in the 4-hour timeframe by hitting the resistance range. There is a lot of resistance in the Bitcoin chart. The first major resistance is in the $45,000 range, followed by the $50,000 psychological resistance.
If Bitcoin is back in the same range and stabilizes above resistance, I expect it to grow further to around $49,000 and $50,000. Of course, a weaker resistance at $47,000 awaits Bitcoin.
But if the current downturn accelerates and the $45,000 resistance reverses the trend, the first close support for Bitcoin is between $40,000 and $41,000. If the downturn continues, the price may again enter the $30,000 channel.
Bitcoin dominance currently accounts for about 43.1% of the total cryptocurrency market volume, and the cryptocurrency market cap is slightly higher than yesterday at about $1.93 trillion. The 24-hour trading volume of the cryptocurrency market is $ 109 billion.
This week has been an exciting week for the cryptocurrency market as a whole, and most of the Altcoins have been bullish with BTC growth. In the meantime, some Altcoins increased 150%, 100%, and...
For example, UMA grew by more than 150%, WAVES grew by nearly 100%, and other Alts grew well.
The index of fear and greed is recovering very slowly. Yesterday, The index went from a strong fear range to a neutral range at 51. It is still at 52 today and is still in the Neutral range.
Bitcoin is currently engaged in resistance and has recorded two bearings in the 4-hour timeframe by hitting the resistance range. There is a lot of resistance in the Bitcoin chart. The first major resistance is in the $45,000 range, followed by the $50,000 psychological resistance.
If Bitcoin is back in the same range and stabilizes above resistance, I expect it to grow further to around $49,000 and $50,000. Of course, a weaker resistance at $47,000 awaits Bitcoin.
But if the current downturn accelerates and the $45,000 resistance reverses the trend, the first close support for Bitcoin is between $40,000 and $41,000. If the downturn continues, the price may again enter the $30,000 channel.
Note
The war between Russia and Ukraine has increased the purchase of cryptocurrencies and bitcoins. The people of both countries are converting their national currencies into cryptocurrencies and dollars because of the negative economic consequences of the war.Note
Ruble trading pair volumes surge on Binance after Russia's invasion of UkrainePrior to the invasion, average daily volumes in February were 11M
Since invasion average volumes stand at 35.8M.
BTC volume increase due to fundamental event which is making bullish intent in the market.
Note
On 4H and daily timeframe , power is still seen in the buyers, but if you did not enter in the lower ranges, now it is not a good time for entry. You can enter if Bitcoin returns to the 40 ,000 range in the short term. In these circumstances, it is recommended that you use climb-prone altcoins.
Note
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