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Analysts expect Bitcoin price to retest the $45,000 zone as support, after which traders anticipate a stronger move toward a resistance cluster at $54,000.
The mood across the cryptocurrency market has seen a notable improvement in the last week as prices are on the rise, with Bitcoin (BTC) now trading near $48,000 and Ether (ETH) attempting to hold above $3,400.Â
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has been oscillating around $48,000 since it broke out above $45,000 early on March 28, and bulls are now debating whether a bull run to $80,000 is on the cards.
BTC/USDT 1-day chart. Source: TradingView
Hereâs a look at what several analysts in the market are saying about the outlook for BTC moving forward and what levels to keep an eye on in case of a price pullback or another breakout to the upside.
Bitcoin breaks above its 1-year moving average
âKeeping it simple is often best,â according to independent market analyst Philip Swift, who posted the following chart showing Bitcoinâs price relative to its 1-year moving average (MA).
BTC/USD 1-day chart. Source: Twitter
Swift said,
âPrice is now breaking back above the 1yr MA. Historically this is an important level for Bitcoin signaling the start of a bullish trend.â
Possible entry at $45,000
Insight into a possible entry point in the case of a pullback in the price of Bitcoin was touched on by crypto trader and pseudonymous Twitter user âPhoenix,â who posted the following chart outlining a possible trajectory BTC could take over the next few weeks.
BTC/USDT 6-hour chart. Source: Twitter
Phoenix said,
âThose that missed the boat may hope for a perfect entry with a mid $45,000 retest. But, BTC often doesnât give perfect entries. Clearly bullish after this clean break above the range in my opinion.â
Related: Kitchen table Bitcoin: How should average investors approach crypto?
Little resistance between $47,500 and $57,000
As for the areas to look out for should BTC continue to head higher, market analyst and pseudonymous Twitter user âRekt Captialâ posted the following chart suggesting the price could soon head toward $57,000 baring any major roadblocks.
BTC/USD 1-month chart. Source: Twitter
Rekt Capital said,
âTechnically, if BTC flips the black ~$47,000 Monthly level into support this March⊠Thereâs little major Monthly resistance until ~$57000 (red).â
The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoinâs dominance rate is 42.1%.
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.