Bitcoin Hits $44,000, But Traders Want To See A Few Daily Closes Here Before A Rise

Morale in the cryptocurrency ecosystem rises on March 24 as several days of positive movements helped lift Bitcoin ( BTC ) back above $44...


Morale in the cryptocurrency ecosystem rises on March 24 as several days of positive movements helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100.

The rise in the price of BTC comes amid soaring inflation and rising interest rates that could see up to seven hikes during 2022 according to Minneapolis Federal Reserve Chairman Neel Kashkari.

BTC/USDT 1-day chart. Source: Trading View

Data from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout Thursday’s morning session, a midday spike took the price of BTC to an intraday high of $44,186 where it came up against a major resistance zone.

Bitcoin must pay $44,000 in support

A look at the weekly chart shows that “Bitcoin is breaking out of the weekly ascending triangle” according to market analyst and pseudonymous Twitter user “Rekt Capital”, who job the following table outlining the formation that has developed over the past few months.

BTC/USD 1 week chart. Source: Twitter

While the rapid rise has many heralded a return to bull market conditions, Rekt Capital warned that “for BTC to confirm this breakout” it “must turn the top of the ascending triangle into support (e.g. via a close of a week)”.

Rekt Capital said,

“Upside-down wicks beyond this apex of the ascending triangle have already occurred (orange circles)”

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The significance of the resistance that BTC is now facing was also brought up by crypto trader and pseudonymous Twitter user “Sheldon the Sniper,” who job the following chart highlighting the $44,000-$46,000 area.

BTC/USDT 1 hour chart. Source: Twitter

The trader said,

“$44,000 to $46,000 is a very important area for bulls. I expect a short term pullback in this area but a breakout of this area in the next few days. The market is definitely showing good strength.

The overall cryptocurrency market capitalization now stands at $1.997 trillion, and Bitcoin’s dominance rate is 41.8%.

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