The bulls were ecstatic to see Bitcoin break through $44,000 for the first time in more than ten days. The surge to the highlighted mark was rapid and occurred within the last 24 hours. The question on everyone’s mind right now is how it will affect the coin price movement this month.
While answering the question of how long the initial increase will last, a previous analysis noted that BTC trading above its pivot point could be a good sign that the coin is preparing for further rallies.
Furthermore, the Moving Average Convergence Divergence is printing a bullish signal due to positive convergence. Following this reading, we can anticipate more uptrends for the apex coin.
The report ended with the prediction that the top asset will be worth $44,000. True to that prediction, the largest digital asset flipped the mark a few hours before the time of writing. We saw a similar hike at the start of the previous 28 days last month, which prompted many speculations.
According to one forecast, based on the average gains in February, the firstborn cryptocurrency may rise by 10% to 15% in the next 24 hours. Another prediction was that the top coin would flip for $50,000. The apex coin finished the period under consideration with a 16% increase.
Bitcoin reached a high of $45,850 and a low of $32,324 – indicating that the other aspect of the speculation failed. Nevertheless, how will the largest cryptocurrency by market cap fare this month? To answer this question, we will consider previous performance as well as current market sentiment.
The third month of the year is known as the “almost average month.” One of the reasons for this conclusion is the amount of bearish dominance the asset under consideration has seen during that timeframe. The apex coin gained 195.1 percent during the time period under consideration, while losing 45.9 percent – the highest loss.
We also noticed that only four of the eleven Marchs ended in a positive note, as bitcoin experienced significant gains. The remaining seven, on the other hand, saw BTC close with a few deficits. Every third month of the year, the largest coin by market cap grows by more than 2.1 percent on average.
Based on previous results, there may be some uncertainty about how the coin will fare in March. In the event of a surge, how high will it rise? Given that the third month of the year does not see a massive uptrend, we can expect a 2% -10% increase. We can expect the same figures in the event of a downtrend.
The current state of the market has no doubt enthralled the bulls and has put them in a good mood for the next 30 days. According to Alternative, the fear and greed index has fluctuated between 20 and 54 in the last 28 days.
The indicator, which is currently at 51, shows that the market will soon enter the greedy zone. With more adoptions and media personalities stocking up on the asset, the metric is expected to improve further.
Following the breakdown of the $44k resistance level, BTC may remain at this level. The highlighted price level may serve as an accumulation phase for the bulls, while the bears may take advantage of the market and cause the apex coin to fall below $44k. It may, however, be met by a buyback at $42k.
Bitcoin may face intense selling pressure in the coming days at $45k. The king crypto may reach $46,000. Based on past performance, a test of the $50k resistance is unlikely, as BTC may experience strong bearish movements at $48k.