While multiple factors including external and internal ones are greatly affecting the Bitcoin price rally. The asset also shows the probability of sustaining a significant downtrend. As more catalysts are currently fueling the BTC price decline, which may also negate buying pressure if it builds up.
A significant upward move is seen within the crypto space as the provisional ceasefire in Ukraine is announced. Asset trends within a very tight range to start weekly trading in remarkable recovery mode. The crypto star undoubtedly prevented it from going too low and capsizing. However, you still need to get to the highly liquid area between $37K and $36K. And this is when one can expect a noticeable upside push.
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Despite the intermediate drop, the fear of falling hard has not yet been eliminated from the BTC price.
Bitcoin is still within fundamental levels and therefore a big rally is badly needed at this point. The current price is well below the 100 and 50-day MA levels, which are around $44,000 and $40,000 respectively. Once these levels are secured, 200-day levels very close to $50,000 can be tested. However, as the analyst said, if the price of BTC does not break above the 50 and 100-day MA levels, the asset may drop to the lower levels.
However, no particular lower levels have been framed at this time, however based on multiple predictions, $32,000 to $30,000 are the lowest levels to test. However, should the asset return to sub-$30,000 levels, the price of Bitcoin (BTC) may die or enter a slow consolidation phase for a long time. Only if the asset fails to recover could the price of BTC hit lower lows; Otherwise, building trust amid the conflict between Russia and Ukraine is a positive development for the crypto space.
This post What Will Bitcoin (BTC) Price Rise Look Like In The Next Week, Is $44K Possible?
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