Regardless the fallout from several lenders in the United States, Bitcoin, the biggest cryptocurrency in the world, staged a remarkable rally in March. The currency is presently consolidating ahead of another breakout, but this time speculators are hoping for highs beyond $30,000. The coin halted roughly around $29,200, a 10-month high, and is currently in consolidation.
Following the failure of a few US lenders last month, bitcoin staged a rally that quickly increased its value from $20,000 to $28,000. In a recent tweet, Bloomberg Crypto stated the following, adding. « However, the coin appears to have stopped advancing at $28,000.«
As the Bitcoin price seeks support, all eyes are on $29,000
The price of bitcoin decreased 1.8% over the previous day to trade at $28,064 as of Thursday’s writing. In a 24-hour period, approximately $15 million was traded.
According to several analysts, the declining volumes in the cryptocurrency market are the primary cause of the sideways choppy market, as tiny retail traders wait impatiently for the BTC price to break the deadlock between the bulls and bears and decide which direction it would go in next.
According to the daily chart, the price of bitcoin is fluctuating within a small range, with support at $27,000 and resistance near $29,000. The consolidation would come to an end with a break to either side of this range.
With BTC swinging up or down to test the range resistance and support, the area at $28,000 is operating at the critical level. The $28,600 price level for #Bitcoin « remains to be resistance, » prominent analyst Michael van de Poppe tweeted to his 652k followers on Thursday morning.
Poppe thinks that at least temporarily, the existing market structure prevents Bitcoin from staging a rally beyond $30,000 in price. According to him, « you’d like to see a sweep in support again » about $27,600.
« If that holds and we bounce back up, we’ll continue until $27,600 or $28,600 is tested again, » Poppe continued.
Starting with a verified sell signal from the Moving Average Convergence Divergence (MACD) indicator, selected indicators applied to the daily chart below point to the route with the least resistance remaining downward in the short term.
Despite a verified buy signal, investors who want to book short positions in BTC should be careful and wait until the currency breaks through immediate support at $28,000 and falls below the accelerated dotted ascending trendline.
Investors would be considering a potential profit objective for such a transaction of about $27,600, as Poppe noted. Additionally, they must ensure that the MACD maintains the current downward trend to the mean line and, if necessary, into the negative region, which is located below the same mean line.
Have the bull runs begun?
One of the top on-chain analytics tools, CryptoQuant, claims that Bitcoin still has a lengthy bull run ahead of it. The website cited Crazzyblock, one of its verified authors, in its most recent Twitter tweet regarding the success of the biggest cryptocurrency.
Based on the price cycles for Bitcoin in 2015–2016 and 2018–2019, the bull run started when the 1–6m age bands’ realized price value exceeded the 6–12m age bands’ realized price.
In the meantime, Bitcoin’s position on the four-hour chart offers a short-term negative picture with the potential of retesting support at $27,600 before the end of the day. Investors should anticipate Bitcoin price to extend the run to $27,000 if need be.
The 200-day Exponential Moving Average (EMA) (the blue line), which is located around $26,429, cannot be ruled out by traders right away. It is crucial to remember that Bitcoin will be protected from a severe decline as long as it remains inside the range, with support at $27,000 intact.
The 200-day EMA support may not be able to withstand all of the selling pressure. Although BTC has performed exceptionally well over the past few weeks despite being bombarded by increasing regulatory pressure from the US, retail traders holding positions in the current consolidation may want to avoid capitulation in case BTC starts to trim gains.
That being said, panic selling might confuse the structure of the Bitcoin price, causing it to take still another dive below $24,000 before launching another ferocious attack on the resistance at $29,000 for the desired breakout over $30,000.
It’s possible that the bull runs will have to wait until the price of bitcoin finds solid support and moves through new liquidity. Similar to the daily chart, the MACD maintains a gloomy view for the four-hour timeframe.
Thursday’s key levels for investors to watch are the range resistance at $29,000, the range support at $27,000, and most crucially, the decisive level at $28,000.
Losses might reach the 200-day EMA as previously stated if the upward trend line is broken. On the plus side, a consistent break and hold above the range limit around $29,000 might be BTC’s ticket to gains beyond $30,000.
Alternatives To Bitcoin
When adjusting their portfolios after the first quarter of the year, investors might want to take a look at some of the best altcoins to buy. Compared to Bitcoin, which most investors would find prohibitively pricey, some of the tokens on this list provide more inexpensive entry points.
Love Hate Inu is a brand-new, popular meme coin that seeks to fundamentally alter how the market for surveys and polls operates. Users will be able to vote on whether they love or loathe polarizing personalities like Andrew Tate, Cristiano Ronaldo, Elon Musk, and Donald Trump on the site, which will be powered by the crypto currency LHINU.
Owners of LHINU tokens will be able to stake them in exchange for the right to vote via a blockchain-based system. What’s best? The Love Hate Inu economic model is known as « vote-to-earn » because every time an LHINU owner participates in a vote, they are eligible to win monetary incentives.
Keep in mind that each poll maker using the platform will offer these prizes. Users’ voting power increases with the number of tokens they invest and the length of the vesting period. In this approach, according to the Love-Hate Inu team, hazards like vote tampering and spam accounts will be reduced.
The current presale will let investors who act swiftly to get LHINU tokens for the drastically reduced price of $0.000105. However, that price is expected to increase to $0.000115 in less than nine days as the vote-to-earn project gets closer to being listed on an exchange for the first time.
As the world moves into Web3, most global markets and assets will be bought, sold, and stored differently. Metropoly is one initiative that is already generating waves in the Web3 sector for its groundbreaking innovation in real estate investing.
Metropoly is a crypto platform that is actively using NFTs to decentralize the real estate business. This program allows users to invest in any property in the globe for as little as $100 and in less than 20 seconds.
Metropoly distinguishes itself with a simple and user-friendly platform aimed at those interested in investing in fractional real estate. The procedure of investing through Metropoly is simple, enabling users to just link their crypto wallet, explore the marketplace for properties such as flats, penthouses, or villas, and then make a purchase.
METRO tokens are being snapped up by investors in a continuing but fast-selling presale, where $1.13 has been raised ahead of the first exchange listing, which is due soon.
