A few days of positive moves helped push Bitcoin (BTC) price above $44,000. Meanwhile, Ethereum (ETH) bulls took control at $3,100. Therefore, morale in the cryptocurrency ecosystem rose. According to Minneapolis Federal Reserve Chairman Neel Kashkari, the rising price of BTC comes amid rising inflation and rising interest rates that could see seven hikes throughout 2022. So, what levels are next? Here are the expectations of the two analysts…
Bitcoin price needs to turn $44,000 into support
As we reported on Somanews, after weeks of high volatility, the crypto market is bullish and showing steady gains over the past week as Bitcoin broke $44,000 for the first time since March 3. Ethereum and Solana were among the biggest movers in the morning, each posting double-digit gains, while market-leading Bitcoin is up almost 10 percent.
Looking at the weekly chart, “Bitcoin is emerging from the weekly ascending triangle,” according to market analyst Rekt Capital, who published the chart below, which summarizes the evolution of the past few months. Despite many declaring that bull market conditions are returning due to the rapid rise, Rekt Capital warned that for BTC to “confirm this breakout”, it would need to turn the ascending triangle top to support (with a one-week close, for example). Rekt Capital used the following statements:
Inverted wicks beyond this ascending triangle apex have been seen before (orange circles).
The resilience BTC is facing is significant
The overall cryptocurrency market cap is currently $2.07 trillion and Bitcoin’s dominance rate is 41.8%. The importance of the resistance BTC is currently facing is highlighted by the chart below, which highlights the region from $44,000 to $46,000. The chart was shared by cryptocurrency trader Sheldon the Sniper. Alongside the chart, the trader used the following statements:
$44,000 – $46,000 is a crucial zone for the bulls to break out. I expect a short term pullback from this zone but I expect a breakout from this zone in the next few days. [The market] is definitely showing good strength.