Analysts: Bitcoin price has reached the bottom and the end of the downtrend is near
A number of digital currency market analysts believe that given the recent price fluctuations and changes in market sentiment, it can be said that the price of bitcoin has reached the bottom and the end of the downtrend is near.
To Report Kevin Telegraph, Tensions between Russia and Ukraine on February 22 (March 3) were again in the headlines. The Bitcoin market, as well as other financial markets, is still under pressure from the news of this tension, and the world is waiting for this problem to be resolved in some way.
Bitcoin traded between $ 36,360 and $ 38,330 on February 22; Because the existing positive and negative news provided different and confusing signals to traders who trade only on the basis of news.
In the following, we will examine what different analysts think about the latest bitcoin price developments and what levels we should be careful about in the future.
Dealing with the $ 38,000 area again
An anonymous analyst, nicknamed Rekt Capital, has examined the nature of bitcoin price movement cycles by publishing the chart below. The chart shows that Bitcoin is testing a significant support and resistance level of $ 38,000.
Capital Company wrote on its Twitter:
Each time Bitcoin tries to cross the $ 38,000 resistance area (red zone), it hits a bearish correction again before climbing. The green circles indicate the re-collision of bitcoins. This digital currency is currently being re-tested at this level.
In addition, this area is still very important when we want to examine the history of bitcoin market ups and downs. Matthew Hyland, a technical analyst at Digital Currencies, explains this by publishing the image below.
He said:
Bitcoin has a week to stop its fourth consecutive monthly downward candle. The last time, during the fall of 2018, four consecutive monthly candlesticks were created in the Bitcoin chart. This month, the price of Bitcoin should close above $ 38,500 so that this month’s candle will be green.
As long as we are above $ 30,000, there is no need to worry
JohalMiles, a digital currency analyst and trader, urged market participants to remain calm by posting the following chart on Twitter.
Miles says:
This may be repetitive and tedious; But I can not believe all this downturn in the market. At a time when Bitcoin has not only broken the $ 30,000 mark, it has not yet hit it.
Another unnamed analyst and user, PlanC, agrees with Miles and talks about his reasons for the market to rise in the future.
He said:
As long as the price of Bitcoin does not fall below $ 30,000 and stays below this range for weeks, I still think the trend of this digital currency will be upward. It is worth noting that in the price history of Bitcoin, the range of $ 28,000 to $ 30,000 for a year has been a very strong support.
Market sentiment says the end of the bitcoin downtrend is near
Another anonymous analyst, nicknamed Crypto5max, examined the sentiment in the bitcoin market and said that, accordingly, the end of the bitcoin downtrend seems imminent. In the chart below, he examines the NVT Advanced Index. In this index, the market value of Bitcoin is divided by the 90-day moving average of its daily trading value.
Crypto Five Max wrote on Twitter:
Of course, the price of bitcoin may fluctuate within a certain range; Like in 2021, when the price repeatedly tested its resistance or support. However, a lot of data show that bitcoin has reached the bottom of its downward trend. Of course, as always, you can think and act as you wish; But I would like to pay attention to the fear in the market and my perception is that the bitcoin trend is going up.
The total market value of digital currencies is currently $ 1.693 trillion and the bitcoin dominance rate is 42.2%.