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Bitcoin (BTC) Price Analysis for March 21

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Mon, 21/03/2022 - 13:43
Bitcoin (BTC) Price Analysis for March 21
Cover image via www.tradingview.com

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

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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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