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BTC price spikes above $43,000 as bulls look to push for $45,000 while some analysts warn about the formation of a bearish flag that could lead to a price correction.
The bullish narrative is beginning to build across the cryptocurrency ecosystem on March 22 as the price of Bitcoin (BTC) briefly spiked above $43,000 while Ether (ETH) has reclaimed support at $3,000 following a deposit of $110 million worth of ETHÂ into Lidoâs liquidity pools.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rallied 6.15% from a low of $40,884 in the early hours of Tuesday to an intraday high at $43,380 before consolidating around support at $42,300.
BTC/USDT 1-day chart. Source: TradingView
Hereâs what several analysts are saying about Bitcoinâs recent price action and which support and resistance levels to keep an eye on moving forward.
BTC price could correct lower
A foreshadowing of Bitcoinâs move on March 22 was provided by market analyst and pseudonymous Twitter user âRekt Captial,â who posted the following chart noting that âIf Bitcoin successfully retests the green dashed diagonal as new support,â then it âwill spring towards the green ~$43100 resistance ahead.â
BTC/USD 1-week chart. Source: Twitter
According to the trader, this was a notable development because it âconfirmedâ the end of the âmulti-month series of lower highsâ for Bitcoin and suggests we could soon head higher.
Despite this bullish turn of events, fellow trader and pseudonymous Twitter user âEd_NLâ warned that it may still be a bit premature to open a BTC long based on price action following the pump.
BTC/USD 15-minute chart. Source: Twitter
âBTC forming a bearish flag after the initial drop, but this feels like a typical trap where we first take out the early shorters before going down to correct,â the analyst opined.Â
Potential squeeze higher
The upward trend for BTC was also highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who posted the following chart noting that Bitcoin is âstill making higher lows, consolidating towards the key level around $45,500.â
BTC/USD 1-day chart. Source: Twitter
Options trader and pseudonymous Twitter user âJoh Wickâ also noted this upward drift on the BTC chart, suggesting that there is a potential squeeze in play that could lead to further price gains.
BTC/USD 1-day chart. Source: Twitter
Wick further explained:
âRemember we have squeeze shading zone that looks like it wants to breakout! Could be the technical catalyst to get us past $45,000 - $46,000 resistance.â
Related: Bitcoin hovers at $43K on Wall Street open amid growing fever over Terra's $3B BTC buy-in
Needs to hold support at $42,300
A final bit of insight was provided by crypto trader and Cointelegraph contributor MichaĂ«l van de Poppe, who posted the following chart highlighting the run-up in Bitcoin, which has managed to hold on to a âcrucial support.â
BTC/USDT 2-hour chart. Source: Twitter
âIf Bitcoin can sustain those levels, it seems to me that weâre getting a period of some relief rallies across markets. Would be good,â van de Poppe explained.
The overall cryptocurrency market cap now stands at $1.923 trillion and Bitcoinâs dominance rate is 42%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.