Bitcoin prices gained almost 22% in March, rising from $23,450 to the end of the month at over $28,500. The big bullish candle has mirrored the one for January, setting up the next major move for the asset.
On April 2, market analyst “The Birb Nest” said the monthly candle has induced an even more bullish profile for BTC on the daily time frame.
He noted that the daily trend support is at $22,500. This “may serve as a point of reference or anchor to many traders, increasing the chances that BTC will gravitate toward the 200-day average price.”
Consolidation inside the $26,500 to $29,300 range may be associated with a continuation pattern, he added.
With a solid monthly close for March, the daily time frame has gained an even more bullish profile for $BTC
What’s next? pic.twitter.com/aLxsaLs9ZK
— The ₿irb Nest (@TheBirbNest) April 2, 2023
Bitcoin Price Into Q2
Bitcoin is currently trading down 2.4% on the day at $27,786 during the Monday morning Asian trading session, according to CoinGecko.
The asset failed to break above resistance at $28,500 over the weekend and has retreated slightly since. However, it remains within the consolidation range that has formed over the past fortnight.
Resistance to the upside is around $29,000 to $29,500, whereas lower support levels are a little over $27,000. “A break outside these Bands may imply a more powerful breakout with a new short-term trend’s appearance,” confirmed the analyst.
Fellow analyst “Rekt Capital” also confirmed that the macro downtrend was over with the latest bullish candle.
#BTC has officially confirmed a breakout beyond the Macro Downtrend
The Macro Downtrend is over$BTC #Crypto #Bitcoin pic.twitter.com/GzFrjIGygg
— Rekt Capital (@rektcapital) April 1, 2023
There are further indicators that Bitcoin prices could push higher. On April 3, another analyst noted that prices had crossed a 21-day exponential moving average indicator, which itself is about to print a very bullish pattern.
“This only happened in 2015 and 2019. Both times the big bull run started with this signal.”
But not only that.
The EMA21 is about to cross the smoothing line
This only happened in 2015 and 2019.
Both times the big bull run started with this signal. pic.twitter.com/XVFcsPQgGj
— ⓗ (@el_crypto_prof) April 2, 2023
Crypto Market Outlook
In the short term, crypto markets have retreated 1.9% on the day, with total capitalization falling to $1.2 trillion on CoinGecko.
Bitcoin is leading losses with a fall below $28,000, and Ethereum (ETH) is down 2.2% to $1,778 at the time of writing.
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