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BITCOIN PRICE ANALYSIS CMP-$27,550: BTC hits a fresh 9-month high, Bulls are thirsty for $30,000

Key Takeaways

  • A bullish signal in the form of a hammer pattern has been observed on the weekly chart
  • BTC is trading above the monthly resistance level, which is a positive sign for investors as it indicates a bullish trend
  • BTC has maintained its bullish momentum following the successful breakout of the inverse head and shoulders pattern
18 Mar 2023 By : Coin Gabbar

Bitcoin has experienced a significant increase of 7%, leading to speculation that a new bull market may be on the horizon. Yesterday's daily candlestick chart revealed a substantial breakout from a resistance level that had persisted for several months, with the price surpassing $25,200.

On March 15, Bitcoin enthusiasts seized the opportunity to purchase the dip at $24,000, and on March 17, they successfully propelled the price above the formidable overhead resistance of $25,250. This impressive feat marks the completion of an inverse head-and-shoulders pattern.

After a brief period of consolidation and pullback over the past two days, BTC has regained its momentum and surged by an impressive 7.00% today. This surge has propelled the coin beyond the $27,500 mark, marking a significant milestone for investors and traders alike.

Bitcoin is once again experiencing a surge in value, surpassing the resistance level of $25,300. Not only did the price breach the $26,500 resistance zone, but it also surpassed the high from March 15th. The rally of Bitcoin continued its upward movement and broke through the $27,500 resistance zone, forming a high near $27,839. The price is now consolidating its gains.

At present, the market is facing a significant obstacle at the $27,850 level. However, if the price manages to surpass this level, the next significant resistance is anticipated at the $28,100 zone. A close above this level could potentially trigger another surge, with the price rallying towards the $28,500 level. Furthermore, the next crucial resistance is expected at the $29,000 zone, and if the price manages to rise above that level, it could potentially reach $32,000.

If Bitcoin fails to surpass the $28,000 resistance level, there is a glimmer of hope as there is an immediate support level at $27,200, which could prevent a significant drop. In the event that the price does fall below this level, the next major support level is at $26,900. If the price drops below this level, it may gain bearish momentum and continue to plummet. The final major support level is at $26,600, and any further losses may push the price towards the $26,000 level.

The market capitalization of this BTC is $531,799,456,002, according to Price Analysis. The coin's 24-hour trading volume is around $50,384,293,722.


RESISTANCE LEVEL : $27,800-$28,200

SUPPORT LEVEL : $27,000-$26,500

As Bitcoin (BTC) is currently trading above the monthly resistance level and has formed an inverse head and shoulders pattern, many investors are wondering if this weekend will be profitable for the cryptocurrency market. Will BTC continue to rise and touch the $30,000 mark? We would love to hear your thoughts and opinions on this matter in the comment section below. 

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.