Bitcoin stalls against a wall of technical obstacles

Published 31/03/2022, 11:14
© Reuters.
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Investing.com - Bitcoin has rebounded sharply since mid-March, with the cryptocurrency posting a gain of more than 28% between a low of $37,570 on March 14 and a high of $48,160 on March 28.

However, since this new yearly high, BTC/USD has been hesitating in a narrow range, facing several major resistances, and a prolonged inability to extend its gains could lead to a more or less broad correction.

It should be noted that Bitcoin's rise has been stopped short by the 200-day moving average, which currently stands at $48,320. Furthermore, just above this first obstacle is another key resistance, with the major psychological threshold of $50,000, before a chart resistance at $52,000.

On the other hand, there is no credible support on the daily chart before the $45,000 area, a threshold that from a tactical point of view, and on a strictly technical basis, could be a good entry point for those who have not yet benefited from the rally of the last few weeks.

Finally, in terms of the latest important news regarding Bitcoin, it should be recalled that MicroStrategy (NASDAQ:MSTR), the data analytics company headed by billionaire Michael Saylor, announced on Tuesday that one of its subsidiaries had taken out a $205 million loan to buy more Bitcoins and was using the crypto-currency as collateral.

However, the news had little impact on the Bitcoin price. Finally, the next key event for Bitcoin is the NFP report on US job creation for the month of February, due tomorrow at 2:30pm.

Strong numbers would increase the chances of the Fed raising rates by 0.50% at its next meeting, which would be positive for the Dollar, but negative for Bitcoin.

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