The overall cryptocurrency market bounced back as investors continued to buy the dips and anticipated the world economy might see elevated risks going forward. Bitcoin defied the recent market turmoil and rebounded from the $37,020 level on Monday climbing nearly 20% to hit highs not seen since mid-February at $44,993. BTC remains bullish and might continue to see increased demand in upcoming sessions. Concerns about an increasingly tight market and rising geopolitical tensions, as well as increasing crypto adoption, continue to boost Bitcoin prices. At the time of analysis, BTC/USD trades at $43,563 after the turmoil in Eastern Europe led to the fact that it found a bottom at the level of $34,322, gaining nearly 30%. The geoeconomic implication of the conflict gave rise to the demand for safe havens, especially Bitcoin. The concern for freedom from monetary limitation increases and would continue to support Bitcoin’s safe-haven appeal in the short to long term.
Key Levels
Resistance Levels: $50,000, $47,000, $45,000
Support Levels: $43,000, $40,000, $37,500
BTC/USD Daily ChartIn the prior session, the BTC/USD pair moved higher. It increased to $44,993, with a few points left to $45,000 key resistance. While the Relative Strength Index has shifted upwards, the pair has also climbed far above the daily moving average (MA 50). The daily momentum has shifted upward as well. As a result, the pair is expected to rise as investors analyze risks.
Meanwhile, if the bears ruin the bullish surge the supportive horizontal level at $43,000 might come to light. Another negative extension here could see some stabilization around the previous resistance turned support near the MA 50 at $40,500, while deeper, any violation of the $40,000 region would put the broad positive trend at risk.
BTC/USD 4-Hour ChartBTC/USD is creating higher highs and higher lows in the short term, following the rebound off the low of $34,322. Currently, the price is failing to surpass the $45,000 resistance level with technical indicators suggesting more bullish actions. If the price climbs beyond the $45,000 resistance levels, the next barrier could come from $47,000 and $50,000.
The short-term moving averages (MA 50 & MA 200) are strengthening in positive bias while the relative strength index (RSI) is flattening in the bullish region. In trend indicators, the moving averages (MAs) are getting ready for a positive crossover, signaling a greater upside tendency. On the other hand, a fall below short-term MAs could shift bias back to bearish.
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