The cryptocurrency ecosystem is feeling positive on March 24, as several days worth of positive moves helped Bitcoin (BTC), to rise above $44,000, and Ether bulls have taken control at $3,000.
BTC’s rising price is occurring against a background of increasing inflation and rising interest rates. Minneapolis Federal Reserve President Neel Kazhkari said that there could be seven more hikes in 2022.
BTC/USDT 1-day chart. Source: TradingView
Cointelegraph Markets Pro and TradingView data show that BTC traded near $43,000 during the morning session of March. However, a midday spike pushed the price to $44,186 in the intraday. This was where it met a major resistance zone.
Bitcoin must turn $44,000 into support
According to Rekt Capital, a market analyst who uses pseudonymous Twitter users, “Bitcoin is breaking free from the weekly ascending triangular,” the chart shows. Rekt Capital posted the following chart that illustrates the formation that has been evolving over the past few month.
BTC/USD 1-week chart. Source: Twitter
Many are claiming a return to bull market conditions with the rapid move up, but Rekt Capital cautioned that in order for BTC to confirm its breakout, it needed to “turn the ascending triangle top to support (e.g. via a one week close).
Rekt Capital said,
“Upside wicks beyond the Ascending Triangle top have occurred before (orange circles).”
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Sheldon the Sniper, a crypto trader and pseudonymous user on Twitter, also discussed the significance of the resistance BTC is now facing. He posted the following chart that highlighted the area from $44,000 to $46,000.
BTC/USDT 1-hour chart. Source: Twitter
According to the trader,
Bulls need to break the “Forty-four million dollars-$46,000” zone. I expect a pullback in this area, but a breakout from this zone within the next few days. The market is showing great strength.
The total cryptocurrency market is now worth $1.997 trillion, and Bitcoin is the dominant currency at 41.8%.
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Eileen Wilson –Technology and Energy
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