Bitcoin rallied but analysts claim it’s “more of the same” until support

is reached.

Volatility is the word for the month and this is what cryptocurrency investors saw today as Bitcoin ( BTC ) rallied following concerns about the Biden administration’s executive order regarding crypto . It turned out to be a “nothingburger.”

Data from Cointelegraph Markets Pro, TradingView show that Bitcoin prices spiked 10.42% to $42,606 after traders traded near $39,000 for the past few trading days. This was due to cautious traders flooding back into the market.

BTC/USDT 1-day chart. Source: TradingView

Here are some thoughts from market analysts and traders about the latest move. Also, keep an eye out for areas of support or resistance.

“Different pump, same story”

According to crypto analyst “Plan C” and pseudonymous user on Twitter, Wednesday’s Bitcoin move was just a repetition of recent behavior. He posted this chart, which stated, “Different pumps, same story.”

Upper and lower trend support bands for Bitcoin. Source: Twitter

Further, Plan C:

“#BTC must break the downtrend resistance band’ AKA Uptrend Suspension Band and then keep it as support. This is a cry wolf move. Uptrend Support Band: $43,564 to $46,265

Independent market analyst, “Crypto_Ed_NL”, agreed with this sentiment. He suggested additional sideways trading in and below.

BTC/USD 4-hour chart. Source: Twitter

Crypto_Ed_NL said:

“No, this theory isn’t new Elliott Wave… It’s what it is that I believe is next. Pump-range-pump-dump-range-dump-range-pump.”

It is not a good idea to be too confident!

Delphi Digital analysts noted that Bitcoin is now rubbing up against the “simple trendsline connecting the local highs of December 2021 to February 2022.”

BTC/USD 12-hour chart. Source: Delphi Digital

Delphi Digital says that now that BTC has risen above $40,000 traders should “look out for this level between $42,500 and $43,000 to be tested.” This is exactly what happened in March 9th.

Delphi Digital said:

“Contrarian sentiment analysis can be a good place for you to start looking for trades similar to the recent rally in prices above the $34,000 lows. However, we warn that the worsening macro- and global backdrop is still a crucial consideration for market performance at the moment.”

Similar: Price analysis 3/9 – BTC, ETH and BNB, XRP. LUNA. SOL. ADA. AVAX. DOT. DOGE.

Bitcoin must close above $43,100

Independent market analyst “Rekt capital” published this chart which highlights that #BTC has shown upside wicks above the $43,100 resistance on a few occasions in the past few weeks (orange circle).

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said:

“This is why $BTC must perform a Weekly Close above the level of August 2021.

The total cryptocurrency market is now worth $1.839 trillion, and Bitcoin’s dominance rate of 43.5%.

These views and opinions are the author’s and do not necessarily reflect those of You should do your research before making any investment or trading decision.

Opinion writer on 7trade7