Bitcoin Technical Analysis Report | 03rd-April-2023

Bitcoin gained around 23% in March. Looking ahead, the outlook for Bitcoin bulls in April looks encouraging, and data suggests the month has been largely in favour of buyers. This suggests that market participants have been selective in their purchases. Bitcoin is facing strong resistance at $29,000 but the bulls have not allowed the price to lose ground. This suggests that the bulls are patient and anticipating an upward move. The asset’s dominance is at 46.49%.

At the time of writing, BTC was trading at $27,640

Bitcoin Chart | 03rd-April-2023
Bitcoin (BTC) Chart

BITCOIN rallied almost by 49% from the recent low of $19,549 and made a high of $29,184. However, the prices were not able to sustain and give a daily close above the key resistance of $28,500. Currently, the asset is consolidating in a range between $28,500 to $26,500 with low volumes indicating indecision in trend. To further rally BTC needs to close and sustain above $28,500. Once it does that, we can expect the prices to surge up to $32,500. The asset has a strong support at $25,000.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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