Is Bitcoin (BTC) Prepared for a Strong Upside Price Rally?
If there is a cryptocurrency that needs no introduction, BTC should come to the reader’s mind. It is so popular that the term Bitcoin is simultaneously used to represent a cryptocurrency. Many don’t even realize the actual growth and purpose of cryptocurrency since they learned just about Bitcoin. That being said, people often wonder if BTC would ever become a functional token, but so far, it only remains a functional token that carries more of a storage value. As of March 25, 2022, Bitcoin is worth close to $834 billion, which is just 20% short of its 1 trillion market capitalization.
Bitcoin carries a unique value that proposes a different perspective into the possibilities with blockchain if accepted by a wider audience. The growth of decentralization and security challenges has forced different sectors to transition or combine their strength with leading blockchain ecosystems. Since Ethereum is moving towards a mining-free validation process in the coming days, BTC will become a strong position for miners and could thus elevate its market position and value.
Bitcoin Price Analysis
The price of Bitcoin has been trading upwards after taking support from its initial support levels at $35,000. The present attempt to surpass its consolidation level of $45,000 would be the third attempt in the last two months. This price trend displays the mass belief in BTC’s seven-digit price movement.
Bitcoin price movement has moved upwards but faced resistance around $45,000. BTC managed to overcome this resistance after several attempts with a clear breakout pattern. Rising RSI on the second half of March 24 becomes a positive reconfirmation of the breakout. But after the breakout ended, BTC is again struggling on hourly charts to surpass $44,000. This feat, though difficult, would foster new buying sentiment in the coming days that could enable BTC to jump beyond $50,000 levels. Investors should find more information for the Bitcoin future value predictions to take advantage of BTC price trends before investing.
Bitcoin prices have been at an exciting level for investors since they have been consistently buying around $35,000 to $37,000 over the last two months. The only push needed to turn BTC beyond $50,000 would be to breach $45,000 with a substantial volume rise. As RSI indicator has already displayed the buying sentiment to replicate the first attempt buyers made in the starting weeks of February. Coincidentally, the price movement on Bitcoin got another support from the 50 Days Moving Average curve with a rising volume pattern. March 25, 2022, would be the fourth consecutive day for a positive start. Another short-term resistance would be a 200 Days Moving Average and Immediate Resistance of $52,000. With support for BTC moving upwards, it could become a rally once the sellers halt their actions.
