Bitcoin (BTC) – Finally exited the more than 2-month consolidation phase

Bitcoin (BTC) – Finally exited the more than 2-month consolidation phase

Posted on Monday, March 28 2022 at 8:50 pm GMT+0000

Bitcoin (BTC) price has revealed a massive surge in buying pressure, and decisively overstepped the February 10th high, marking the end of a more than 2-month consolidation phase.

The Bollinger band expansion is confirming the bullish breakout, while the technical indicators are approving that buying interest is growing. The KST is improving above its signal line and its neutral mark, the Awesome Oscillator is rising in the positive area and the TSI is sustaining a positive charge above zero.

So, the rally is currently expected to get further traction, and the price is expected to advance towards the 161.8% Fibonacci extension level of the February 10th – 24th down-leg at 53,000, overlapping with the December 27th top. Should a more profound upwards move evolve, the November 30th high at 59,200 will step into the spotlight.

On the other side, if the upside impetus diminishes in the vicinity of the upper-Bollinger band, the price may drift lower to seek support around the 45,900 hurdle. Failing to rebound here could see an extension towards the mid-Bollinger at 41,800, while a steeper decline could reach the 37,100 area, a break of which will bring the neutral mode back in action. Underneath those levels, the price could revisit the February 24th bottom at 34,300.

In brief, the current move beyond 45,900 shifted the medium-term picture to bullish opening the gates for additional gains initially towards 53,000.