Monitoring resource Material Indicators says that Bitcoin is currently in a place to determine the fate of the long-term BTC price trend. According to the data transferred, Bitcoin price will reach this key level before 30 thousand dollars! Here are the details…
Experts pointed to the critical region for Bitcoin rise!
BTC price action is currently in a critical trading zone, according to a Twitter poll by monitoring resource Material Indicators on March 27. According to the analysis, Bitcoin faces a choice between two key levels as part of the “macro trend identification range”.
As Cryptokoin.com reported, the leading cryptocurrency Bitcoin (BTC) was able to resist, even though it faced a new wave of negative news involving the largest crypto exchange Binance in terms of trading volume. While experts suggest that the effects of US regulatory sanctions against Binance USA may be limited, there are still concerns on the part of investors that BTC/USD will not be able to sustain its bullish momentum.
With an important monthly close, Material Indicators highlighted two key levels that bulls need to protect and overcome, respectively. These are explained as $25,550, which is the 200-week moving average (WMA) on the downside, and $30,000 on the upside. While it’s already known, a new survey shows market sentiment favors retesting a support first.
Leading experts explained: Big move is coming for Bitcoin!
“When the market looks volatile, it’s often a clue that a big move is coming,” Material Indicators said in the comments. He also added his words. However, the words quoted are as follows:
We expect the 200-Week Moving Average to be tested before the Weekly close, possibly even before the Monthly close on Friday.
On the other hand, the order book of the giant cryptocurrency exchange Binance was also examined. As the quoted chart draws the attention of traders, as you know, the order book is known as a list of open buy and sell orders for an asset, and they are sorted by price. Usually, two colors are seen in the order book, one of which is green and the other is red. Buy orders are displayed with green color and price level.
Leading cryptocurrency analyst Rekt Capital continued to draw comparisons with the current behavior of Bitcoin (BTC) and its movements from the COVID-19 cross market crash, where it briefly lost 200 WMA as support in March 2020. Repeated downward move depth below 200 MA. Bitcoin diverged by -28 percent, reaching the $15,500 price point. Since then, BTC has risen 90 percent from bottoms.” in his words. However, the words added by the analyst are as follows:
Momentarily, BTC could be falling in an effort to reclaim the 200-week moving average (MA) level as support.
BTC is performing extremely well!
Meanwhile, another analyst, Caleb Franzen, has suggested that both Bitcoin and cryptocurrency in general have performed exceptionally well, given a series of destabilizing events that have unfolded in recent weeks amid the Binance debacle.
Caleb Franzen, senior market analyst at Cubic Analytics, also noted that macro market volatility remains relatively low, adding, “So far nothing has put significant downward pressure on the overall market (equities or crypto).” in his words.
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