For the last two months, global asset markets have been having a hard time due to the tightening policies of the FED and the Russian invasion of Ukraine. bitcoin the price stubbornly continues to trade at the same levels.
As it is known, the BTC price made a short descent below $ 33,000 in the said time frame and could not overcome the resistance of $ 46,000.
Technical analysts, on the other hand, shared their comments on the critical levels that must be overcome in order to break this trend upwards or downwards.
Bull Scenario For Bitcoin
Katie Stockton, founder of Fairlead Strategies, identified support and resistance points for BTC using trend-following indicators, which she calls “daily cloud” and “weekly cloud”.
According to the analyst, the next resistance point for Bitcoin could be between $50,000 and $51,000. Another “exit point” was evaluated by the analyst as being close to $55,000.
RW Market Advisory founder Ron William thinks that the critical upside zone for BTC is between $44,550 and $46,000.
However, Vectisma general manager Christopher Grafton claimed that if BTC breaks the critical $45,000, the next stop is $54,000.
Bearish Scenario for BTC
Cryptocurrency Jonathan Cheesman, head of institutional sales of the stock exchange FTX, drew attention to BTC’s 50-day moving average and the recent low between $ 33,000 and $ 34,500.
Additionally, Cheesman said that the $29,000 level could be critical for the major downside move.
RW Advisory founder William stated that a further bearish support point for BTC could be found around $20,000.
According to the analyst, this level, which is psychologically important, is also used as a target in long-term regression analyzes. BTC was last traded at this level in December 2020.
Louis Capital Markets technical analyst Andy Dodd claimed that Bitcoin price could drop as low as $16,100 after the “shoulder to head” pattern.
*Not investment advice.