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Bitcoin (BTC) Price Analysis for March 21

Mon, 03/21/2022 - 13:43
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Denys Serhiichuk
Did Bitcoin (BTC) accumulate enough energy for a rise?
Bitcoin (BTC) Price Analysis for March 21
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls have come back to their previous positions as most of the coins are again in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the only loser among the top 10 coins as its rate has declined by 0.73% since yesterday.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) could not close the CME gap in the area of $42,000, followed by the false breakout of the $41,500 mark. At the moment, one needs to pay close attention to the local mirror level at $41,000. If buyers can hold it, there is a chance to see a bounceback by the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the main crypto made a false breakout of yesterday's level at $40,930, which confirms the bulls' power.

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Thus, the selling trading volume is going down, suggesting a possible further price rise. In this case, there is a chance to see BTC trading around $42,000 by the end of the week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the mid-term point of view, the weekly candle closed bullish, which means that buyers are not ready to give up. If they can get the rate back to the zone around $44,000, the price of the chief crypto should rise to $50,000 next week.

Bitcoin is trading at $41,179 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.