According to the study, Bitcoin must choose between two crucial levels as part of a “macro trend-defining range.” Monitoring tool Material Indicators stated that Bitcoin price action was currently in a crucial trading zone in a survey conducted on Twitter on March 27. Meanwhile, if you are looking for the best crypto casinos of April 2023, CasinoDaddy is the website for you.
A fresh round of unfavorable reports involving Binance, the biggest exchange in the world, has managed to keep Bitcoin from collapsing. The anxiety that BTC/USD won’t be able to maintain its upward pace persists despite arguments from observers that the impact of regulatory action taken by the United States against Binance.US may be minimal.
Material Indicators revealed two crucial levels for bulls to defend and surpass as a crucial monthly close approach.
They are the $30,000 upward and the 200-week moving average (WMA) downward. Even if it was already known, a fresh study now confirms that the market is in favor of a support retest first.
“Expecting the 200 Week Moving Average to be tested before we get to the Weekly close, possibly even before the Monthly close on Friday.”
The BTC/USD order book on Binance was displayed on a chart along with the related bid and ask liquidity clusters.
While this was going on, trader and analyst Rekt Capital kept comparing Bitcoin’s present actions to its movements following the COVID-19 cross-market crisis in March 2020, when it briefly lost the 200 WMA as support.
“In the end, BTC repeated its March 2020 downside wicking depth below the 200 MA. $BTC deviated by -28% to reach the ~$15500 price point. Since then $BTC has rallied +90% from the lows,” he added to his analysis comments.
Others, however, zoomed out to claim that Bitcoin and cryptocurrency, in general, had behaved incredibly well, considering the spectrum of disruptive events occurring in recent weeks. This was done in the midst of the Binance fiasco.
Moreover, macro market volatility remained very moderate, according to Caleb Franzen, the senior market analyst at Cubic Analytics. He also added that Bitcoin is still under the influence of a lot of factors and everything might change in the upcoming few months.
