Ode to bulls – The price of bitcoin (BTC) does not register significant increases or decreases at the start of the week, while there is no lack of turbulence of the size to shake the BTC markets strongly.
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Bitcoin Below $40,000: (Almost) Flawless Support at $38,000 – $39,000?
Bitcoin price is rising to around $39,300 on Bitfinex today, March 14, 2022. Bitcoin continues to trade in the $38,000-$39,000 area for the time being. Its price stands at $38,775 at the time of writing, and the cryptocurrency is currently seeing a daily mini gain of 0.19%.
The macro context does not however play in favor of the bulls in the short term. The rumors pointed to an announcement dated March 13, 2022, from the US Federal Reserve as to an increase in interest rates of 25 basis points.
And this week started with the vote of the European Parliament who could have banned proof of work, with all the adverse consequences of such a decision on bitcoin, ether (ETH), and cryptocurrencies in general. The European Parliament finally rejected the proposal which related to the prohibition of the proof of work.
Despite this major turbulence, bitcoin still managed to hold above $37,000 yesterday and today.
Although the bulls are still unable to trigger a real bullish recovery that would allow bitcoin to finally return to $50,000, trader Rekt Capital has published a chart that still shows a bitcoin holding above $39,000on a monthly basis, during this quarter.
Rekt Capital also shared a chart showing bitcoin that is “still trying correctly return to the ~38,000 zone$ in support (red)”.
Failing to be able to break the resistances defending $50,000, bitcoin therefore seems to benefit from a strong support at $38,000 – $39,000.
However, not all traders agree on the strength of this support zone. Crypto trader Ed shared a forecast chart for bitcoin price, which would fluctuate between $33,000 – so well below $38,000 – and the $46,000 through May 2022.
While the eventual forecast of bitcoin at $50,000 and above seems less and less credible in the short term, bitcoin continues to benefit in the medium and long term from the bullish narrative that the cryptocurrency is a hedge against inflation.
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