Bitcoin (BTC) broke out last night and that was even faster than expected. Bitcoin closed the week again with a nice green candle and market sentiment is rapidly becoming more positive. That may mean investors are getting greedy and we’re retail fear of missing out (FOMO) return.
Big jump up in the Fear and Greed Index today on that $BTC move.
Last time we were this far into Greed territory, price was +$60k.
Live chart: https://t.co/Jr5151icga pic.twitter.com/KZtsava7jZ
— Philip Swift (@PositiveCrypto) March 28, 2022
Bitcoin price reaches highest price in 3 months
The bitcoin price, as expected, initially struggled with the area around $44,500. Many analysts had expected the resistance to be so great that bitcoin would first have a so-called pull back makes.
Bitcoin, however, has continued to rise steadily in recent days and a pullback is yet to be forthcoming. Bitcoin held up above USD 44,400 yesterday and rose to USD 44,700. Then around half past 11 yesterday evening, bitcoin made a huge jump.
Bitcoin broke through the USD 45,000 in one go and the USD 46,000 also barely resisted. Bitcoin briefly rose above $47,000 last night and even touched a peak of $47,200 this morning. That was the highest BTC price since January 3, almost 3 months ago.
After that latest spike, bitcoin fell back to $46,800, but seems to be holding on to it for now. Bitcoin is rising to $46,900 on KuCoin and $42,800 on Bitvavo at the time of writing.
BTC ascending triangle finally broken
Bitcoin was finally able to get out of it last night ascending triangle break the pattern that the price has been stuck in since the beginning of the year. In the end it went even faster than expected. It is noticeable that the analysts are also becoming increasingly bullish about the price.
Bitcoin has closed above short term holder cost basis for the first time since December 3rd.
Hard to be bearish as long as BTC is above. pic.twitter.com/anD5HyQgFd
— Will Clemente (@WClementeIII) March 28, 2022
Should bitcoin move forward immediately, the next resistance test is likely to be around USD 47,600 and then around USD 48,000. Next up is the $50,000 and once the price moves past the $50,000 to $52,000 area, it could potentially move very quickly.
That doesn’t mean we won’t see a pullback in between. Investors, especially the whales, will probably cash in on some of their profits, causing the price to correct slightly first. Then it can also be a healthy correction, as long as bitcoin does not dip too deeply again and loses all momentum.
#Bitcoin 3W vortex indicator bullish cross confirmed.
This is the 5th in the last 10 years.
Each of the other 4 marked the start of a major impulse up. pic.twitter.com/CPUvMgmRKg
— TechDev (@TechDev_52) March 28, 2022
However, many people are still very concerned about possible macroeconomic developments. Although the correlation between bitcoin and stock markets has declined somewhat recently, it is still very high. Some economists are concerned that we have not yet seen the worst effects of the coronavirus pandemic and the war in Ukraine on the economy. There are even fears of a possible economic recession. There is a good chance that bitcoin will also be strongly pulled down. The rise is currently so fast that bitcoin may be slightly overheated.
We’ve broken the highs of our B wave, indicating that the triangle likely already completed earlier. Areas of interest are the same (green regions) if we get any dips, but as stated in my last video update at this point we may just shoot up straight to 50k+ 💪 $BTC https://t.co/eTuchrrOfb pic.twitter.com/63bHFGEFAU
— Credible Crypto (@CredibleCrypto) March 27, 2022
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