Past Performance of Bitcoin Bitcoin is higher at spot rates, adding roughly 13% in the past two days. For this development, buyers are back in charge and bulls have reversed last week’s losses. Still, it is important to note that in less than two weeks, BTC is down over 15% despite buyers being dominant from a top-down preview.
#Bitcoin Technical Analysis Overall, BTC bears are in a commanding position, especially if prices remain above 21.5k. Notice that the coin has reversed last week’s losses following a bear breakout formation after sharp losses on March 3 was confirmed on March 9. Given the setup and recent expansion, there could be more gains in the short term. Therefore, aggressive traders can look to load on every attempt lower as long as prices are above 21.5k targeting 25K in the immediate term. On the lower end, primary support lies at 19.7k, a support zone flashing with the 61.8% Fibonacci retracement level of the December to February 2023 trade range.
What to Expect From #BTC? Bulls are in the driving seat, but this can quickly change should BTC prices contract below 21.5k. The primary support in the near term is 19.7k, a critical reaction line traders should closely watch. Sharp losses below this line will cancel out the bullish preview. Resistance level to watch out for: 25K Support level to watch out for: 21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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