Bitcoin has successfully validated the new support zone

Bitcoin has successfully validated the new support zone

After Bitcoin reached its all-time high of $ 58K, we saw a sharp correction that brought several new findings.


1 Mar 2021 , 12:42 @ CRYPTOSCARFACE

Bitcoin has successfully validated the new support zone

  • After Bitcoin reached its all-time high of $ 58K, we saw a sharp correction that brought several new findings.

Although we wrote in our last analysis that exceeding the $ 1 trillion bitcoin market is a bullish sign, the market as well as all indicators had to be cooled in the form of a correction.

Bitcoin tried to stay above the psychological threshold of $ 50K for a few more days, but ongoing sales throughout the week led him to our estimated $ 42K support. This is where we could see a sample reflection of more than $ 4K, which made it clear that we can rightly consider this place as a new support at the moment.

Thanks to this situation, the bulls can be a bit happier, because the next verified and so-called key support is at the level of $ 28K – $ 30K.

As for the prospects for the next days, we can expect a move towards $ 50K, but after the previous week when BTC was rejected here several times, it is more than clear that it will be temporary resistance that will not be easy to break.

Bitcoin is around $ 47,500 at the time of this writing.

Technical analysis:

  • Support in the area of $ 42K – $ 43K
  • Key support in the area of ​​$ 28K – $ 30K
  • Current resistance at $ 50K

Read also: Hut 8 Mining HODL the most mined BTCs among publicly traded mining companies in the amount of 3,012 (≈ $ 150m)

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