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      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

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      Bitcoin reclaimed major weekly support, Is Recovery possible to 9000$ before halving?

      Hitesh Malviya by Hitesh Malviya
      March 23, 2020
      in bitcoin, Crypto Market
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      Bitcoin is now recovering from coronavirus infection, Coronavirus hit hard on Bitcoin and traditional markets, when btc price dropped by 40% in single day on 12th March.

      BTCUSD – 1W(Bitstamp)

      Bitcoin Bulls have shown nice buying momentum last week, and btc price bounced from 4500$ and retested 7100$(Bitstamp). Bitcoin also reclaimed 200-week moving average support after the weekly close above 5500$.

      Intrestingly, Bitcoin also printed 2-years high bitcoin buying volume candle on weekly. That indicates a great buying participation during price drop to 3800$.

      Bitcoin Hashrate

      Bitcoin miners started capitulating, but hashrate has started increasing again after a brief drop below 83,000,000 TH/S, Hashrate has recovered by 27% in last four days.

      Bitcoin fear and greed index is valued at 10, which indicates extreme fear in the market. Historically, Bitcoin find bottoms when fear and greed index drop below 10.

      Bitcoin Technical Analysis – 4H

      BTCUSD -4H (Bitstmap)

      Support Levels:

      Immediate support – 5800$

      Key Support – 5500$

      Major Support – 4500$

      Resistance Levels:

      Immediate Resistance – 6200$

      Key Resistance – 7000$

      Major Resistance – 7600$

      Technical Pattern:

      Ascending channel formation on 4H. Price got rejected from channel resistance, and now getting support from channel.

      Moving Averages:

      Holding support at 50MA on 4H, 21 and 100MA flipped into resistance.

      Opinion

      In our opinion, Bitcoin can break below ascending triangle support on 4H, and price can retest 5000$ area again.

      Recovery possible to 9000$ before halving?

      200 weekly moving average will play a deciding role to predict further higher time frame price action.

      If Bitcoin manages to hold 200 weekly MA support for this week, than We can expect bitcoin to break above major resistance at 7600$ in next few days, and reach 9000$ before halving.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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