The cryptocurrency market has seen 1 % growth in the past 24 hours. During this period, all the ten most important encoders, including bitcoin, have seen growth. Bitcoin market has witnessed a significant increase of 3.5 %. Currently, the BTC price is 87178.13 dollars – about 3.43 % as the market was at the beginning of this month. However, analysts predict a possible withdrawal. Here are what merchants should pay attention to.
Restore market morale after liquidation
At a point on March 20, Bitcoin market touched 87,452.17 dollars. Unfortunately, on the same day, the market decreased by approximately 3.03 %. In fact, between 20 and 22 March alone, the market slipped by more than 3.51 %. However, yesterday, the direction exceeded, as the market recovered by approximately 2.65 %. Currently, the price of bitcoin remains at about 2.30 % as the market was at the beginning of March 23.
This indicates that people’s confidence in Bitcoin has been restored.
Short-term withdrawal expected in 1-2 weeks
A post on X by Crypnuevo indicates that the Bitcoin market may suffer from a decline during the next two or two weeks.
In reference to some of the decisive patterns that he noticed in the graph for a week of Bitcoin, the encryption analyst confirms that the overall upward trend in the market is still intact.
EMA is 50 days of Bitcoin in its scheme for a week of 77,726.95 dollars. Recently, the BTC Market Test this level.
Survival above this level is extremely important for Bitcoin, as it is a high -level support level in this market.
The analyst states that as long as the BTC market exceeds the level of support, this is $ 77,000, the bullish trend of Bitcoin is still valid.
It also warns that if the BTC price decreases below this level, the market may suffer from deeper corrections.
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There is a support line, but stop stopping under it
Crypnuevo notes that there is a support line. Bitcoin shares him for one hour to justify his argument.
However, he warns that there are also many stops under it. This increases the possibility of the price declining to operate the liquidation.
In conclusion, Bitcoin remains optimistic in the long run, but merchants should be careful about a short -term decline. The main level of watching is $ 77,000. If support continues, the bull continues, but failure may lead to deeper corrections.
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Common questions
Bitcoin can test 87 thousand dollars again, but analysts warn of a possible decline if support fails at $ 77,000.
If BTC exceeds 77 thousand dollars, the upper trend remains good. However, a short -term decline may provide better purchase opportunities.
