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Bitcoin (BTC/USD) Looking to Re-Test Formidable Resistance

Bitcoin (BTC/USD) Looking to Re-Test Formidable Resistance

Nick Cawley, Senior Strategist


Bitcoin Charts and Analysis

  • Bitcoin (BTC) stalls at resistance.
  • A break higher leaves room for a bigger rally.
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Bitcoin remains just under a zone of resistance that has held since the start of the year and looks like it may be readying itself for a fresh attempt to move higher. The zone on either side of $45.5k was originated from a series of supportive lows back in December last year. These supportive lows then turned to resistance in early-to-mid February and currently remain a cap on any move higher. Yesterday’s attempt was rebuffed and Bitcoin is now sitting in a narrow daily range eyeing the next move.

If/when BTC/USD finally breaks through this resistance, and confirms the move with a close and open above $45850, then there is little in the way of resistance all the way back to the $52k+ level. Support is seen at $42k and $39.6k and the latter should hold unless there is a strong risk-off shift in the market. The crisis in Ukraine continues to dominate market sentiment and while the technical set-up for a move higher looks in place, the fundamental backdrop cannot be ignored.

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Bitcoin Daily Price Chart – March 3, 2022

Chart via TradingView

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.