Macro – The price of Bitcoin (BTC) is starting a month that could be crucial. The cryptocurrency may finally cross a significant downtrend line. Such an event would reinforce the idea that the crypto winter is finally over.
Bitcoin price still stuck in a macro range
Bitcoin price rises to $23,979 on Bitfinex today, March 1, 2023. The cryptocurrency is trading at $23,545 at the time of writing this article. Its price is currently registering a daily gain of 1.78%.
Bitcoin price closed February at $23,134. The cryptocurrency therefore ended the previous month, in the macro range of $19,900 – $23,335, as trader Rekt Capital points out. The latter specifies that the $23,400 remain the key level, which the Bitcoin price is trying to reclaim as support.
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The breakout of the macro downtrend line predicted for this month
Despite this monthly close below this key level of $23,400, trader Rekt Capital still issued optimistic outlook in the very short term. He said that “given that the Macro Downtrend is a sloping trendline”, the breakout point of which is now around the $25,000i.e. at a lower level than in February.
The bulls managed to make inroads above $25,000 last month. Will they be able to sustainably cross this important level in March? The calendar theoretically works in favor of the bulls.
Indeed, Rekt Capital points out that the price of Bitcoin East currently at around 397 days of the next halving. However, historical data indicates that the cryptocurrency “tends to break its downward macro trend 366-396 days before the next block reward halving.
A bullish continuity complicated by the $23,600 – $23,800
While Rekt Capital therefore insists on the importance of $23,400 in the very short term, the founder of the Eight trading company, Michaël van de Poppe, believes that the $23,800 are the essential level to cross for bullish continuity.
Technically, prior to an eventual recapture of that $23,800, Bitcoin price must sustainably rally above the Ichimoku Tenkan Sen (black line) on a daily basis, at $23,680. This Tenkan could act as resistance and has yet to give way after today’s bull attack.
The price of Bitcoin would therefore be a few days or weeks away from a major breakout, according to the analyzes of Rekt Capital. Investors’ expectations of the size of the next rate hike in the United States could be a determining factor in the bulls’ ability to honor this appointment.
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