- Bitcoin price encounters many resistance zones as the coin nears the $45K local top.
- Retesting the bearish breaker at $42,867 – $43,755 might catalyze downwards to $38,889 or lower.
- A 24hr candlestick close past $52K will cancel any bearish sentiment for BTC.
Bitcoin price approaches its upward limit following a roughly week-long slowed strut up. Meanwhile, the many hurdles in BTC’s upside path show a possible reversal towards steady support areas. For that reason, enthusiasts may expect a weakened move for Bitcoin.
BTC at Inflection Point
Bitcoin saw its price gaining approximately 13% after the crypto printed the $37,524 Monday low on 13 March. Though this move seems slow, it eyes a retest of a bearish breaker stretching between $42,867 and $43,755.
This formation comprises an MSB (Market Structure Break), which means a high between 28 February and 2 March plus an overturn of the demand area created between the swing peaks.
Remember, Bitcoin breached the mentioned demand area ($42,867 – $43,755) on 3 March before flipping it to a bearish breaker. This technical setup predicts that a move that translates to the beaker retest will encounter massive rejection.
Furthermore, the 100-day SMA of around $42,380 makes it challenging for bulls to take Bitcoin higher. Therefore, the leading crypto might meet premature rejection because of the 100-day Simple Moving Average and catalyze a downward move.
Meanwhile, market players may expect the BTC price to correct towards $37,524 Monday low. Some scenarios will see BTC dipping lower to fill the FVG (Fair Value Gap), stretching between $36,170 and $36,966. Such a move would mean a 15% total plunge, and BTC will likely create a local bottom before revealing directional bias.
Nevertheless, Bitcoin might see its price overcoming the breaker to explore the weekly supply region, stretching between $45,551 and $51,966. That would see the crypto invalidating the bearish narrative. Nonetheless, this upsurge won’t launch a bullish run. However, a daily or weekly candlestick close beyond $52,000 remains crucial for BTC to achieve the upside goal.
Bitcoin remains vulnerable despite its current bullish efforts. The token traded around $41,933.19 at this publication. Meanwhile, a decisive move past $52K is essential to nullify BTC’s bearish thesis.
