{"id":9138,"date":"2022-03-09T23:18:46","date_gmt":"2022-03-09T23:18:46","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-rallied-but-analysts-say-its-more-of-the-same-until-46k-becomes-support\/"},"modified":"2022-03-09T23:18:48","modified_gmt":"2022-03-09T23:18:48","slug":"bitcoin-rallied-but-analysts-say-its-more-of-the-same-until-46k-becomes-support","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-rallied-but-analysts-say-its-more-of-the-same-until-46k-becomes-support\/","title":{"rendered":"Bitcoin rallied, but analysts say it\u2019s \u2018more of the same\u2019 until $46K becomes support"},"content":{"rendered":"
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“Volatility” is the word of the month and that is exactly what cryptocurrency investors saw today as Bitcoin rallied after concerns over the Biden administration’s executive order on crypto\u00a0turned out to be a ‘nothingburger’.<\/p>\n

Data from Cointelegraph Markets Pro and TradingView shows that after trading near the $39,000 mark for the past few days, the price of Bitcoin (BTC) spiked 10.42% to an intraday high at $42,606 on as cautious traders flooded back into the market. <\/p>\n

BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Here\u2019s a look at what traders and analysts in the market are saying about this latest move and the areas of support and resistance to keep an eye on. <\/p>\n

“Different pump, same story”<\/h2>\n

Wednesday\u2019s move for Bitcoin was just a repeat of recent behavior according to crypto analyst and pseudonymous Twitter user \u2018Plan C\u2019, who posted<\/a> the following chart stating \u201cDifferent pump, same story.\u201d<\/p>\n

Upper and lower trend support bands for Bitcoin. Source: Twitter<\/em><\/figcaption><\/figure>\n

Plan C said, <\/p>\n

\u201cBTC needs to break the “downtrend resistance band,” AKA Uptrend Support Band, and then hold it as support. Otherwise, this is just another cry wolf move. Uptrend Support Band:\u00a0$43,564 – $46,265.\u201d<\/p><\/blockquote>\n

Independent market analyst\u00a0\u2018Crypto_Ed_NL\u2019 agreed with this sentiment and suggestion further sideways trading in the post<\/a> below.<\/p>\n

BTC\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Crypto_Ed_NL said, <\/p>\n

\u201cNo, this is not some new Elliott Wave theory\u2026 It’s what I think is coming next. Pump-range-pump-dump-range-dump-range-pump.\u201d<\/p><\/blockquote>\n

Overconfidence is not advised!<\/h2>\n

Analysts at Delphi Digital noted that Bitcoin is now bumping up against the \u201csimple trendline connecting the local highs from December 2021 and February 2022.\u201d<\/p>\n

BTC\/USD 12-hour chart. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n

According to Delphi Digital, now that BTC is back above $40,000, traders should \u201clook for this level around $42,500-$43,000 to be tested,\u201d which is exactly what occurred in trading on March 9. <\/p>\n

Delphi Digital said, <\/p>\n

\u201cContrarian sentiment analysis is often a good place to begin looking for trades much like the latest short-term rally in prices off of the $34,000 lows, but we caution the worsening macro and global backdrop is still a key consideration for market performance at this point in time.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Price analysis 3\/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE<\/em><\/strong><\/p>\n

Bitcoin needs to close above $43,100<\/h2>\n

Independent market analyst \u2018Rekt Capital\u2019\u00a0posted<\/a> the following chart highlighting that \u201cBTC has performed upside wicks beyond the $43,100 resistance on a few occasions over the past few weeks (orange circle).\u201d<\/p>\n

BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Rekt Capital said, <\/p>\n

\u201cWhich is why it’s important that BTC performs a Weekly Close above this level, just like in the previous blue circle in August 2021.\u201d<\/p><\/blockquote>\n

The overall cryptocurrency market cap now stands at $1.839 trillion and Bitcoin\u2019s dominance rate is 43.5%.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n