Can Bitcoin Price Rebound To $43K?

Continuous business is hoping to increase as Bitcoin price is staying between the ranges of $34,000-$45,000. As per the Rekt Capital market analyst, BTC seems confident to test its $43,000 level in the month of March.

On March 7th the drop of BTC towards $37,000 has faced the market buying sentiment which leads the price to rebound to $39,000 on March 8th.

Surprisingly, the upward pullback move develops around the same upside sloping trend line showing for traders in the 2022 accumulation zone. The successful retest of this trend line is noticed by Rekt Capital which could have moved BTC’s climb back above $43,100.

On March 8th Rekt Capital stated that Bitcoin could actually be repeating its last week’s move after a successful retest.

The short-term bullish trend appeared as BTC remained stayed between the trading wide range of $34,000 and $45,000 throughout 2022/Q1. Due to this reason, BTC resisted severe selloff pressure also escalated by the geopolitical and macroeconomic effects, such as fear of rate hike and the military operation of Russia on Ukraine.

Last weekend trading suite DecenTrader cofounder Filbfilb also notices that on macro levels BTS is range bound but in long term, it would be breaking to the upside.

Filbfilb stated that a high timeframe level and $43,000 retest could be occurring if the 3-day level and 50 DMA could prove to be supported in the immediate term. Further saying that yearly pivot level of BTC could further break above $43K which is very significant and implied a fundamental change.

But upside setup of Rekt Capital is revealing the very little possibility of BTC rebound extending to $48K. As this setup appears like ascending bearish pattern of the triangle a range of consolidation which usually further lowers the prices after the breakout move.

Noticeably, measuring the distance between the two trend lines patterns and subtracting it from the breakout level calculates the target profit of an ascending triangle. Surprisingly in recent history, both $30K and $35K acted as solid support levels.

Flibflib also stated that $30K is tried and tested support level coincides with the bottom of BTC logarithmic bands.

The analyst added that it is good news that BTC has much less to fall because it is not hit as hard, and we will not be seeing such a strain as in previous cycles.

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