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Bitcoin (BTC) Price Analysis for March 17

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Fri, 17/03/2023 - 16:00
Bitcoin (BTC) Price Analysis for March 17
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Bulls have seized the initiative again as most of the coins are in the green zone.

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BTC/USD

The rate of Bitcoin (BTC) has increased by 5.10% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) has broken the local support level at $25,956. At the moment, the rate is trading in the middle of a narrow range, accumulating power for a further move.

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There are low chances to see either growth or decline today as most of the ATR has been passed. In this case, the more likely scenario is ongoing sideways trading in the area of $26,000-$26,500.

BTC/USD chart by TradingView

On the daily time frame, traders should pay attention to the nearest resistance at $26,533. If the candle closes near it, growth may continue to the $27,000 mark and above tomorrow.

BTC/USD chart by TradingView

From the midterm point of view, the price of Bitcoin (BTC) has approached the resistance at $26,845. If the bar closes with no long wicks, the accumulated energy might be enough for a blast to the $28,000-$30,000 zone.

Bitcoin is trading at $26,351 at press time.

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