Bitcoin prices increased by about 22% in March, jumping from $23,450 to over $28,500 by the end of the month. The massive bullish candle has replicated the one from January, indicating the asset's next major move.
On April 2, market expert "The Birb Nest" stated that the monthly candle has caused Bitcoin to have an even more bullish profile on the daily time frame. He mentioned that the daily trend support is currently above $22,500. This "may serve as a reference point or anchor for many traders, boosting the likelihood that BTC will move toward the 200-day average price."
He said that consolidation in the $26,500 to $29,300 range could be connected with a continuation pattern. According to CoinGecko, Bitcoin is now trading down 2.4% on the day at $27,786 during the Monday AM Asian trading session.
During the weekend, the asset failed to break above support at $28,500 and has since dropped marginally. However, it remains within the consolidation range that has established during the last two weeks.
Upward resistance is about $29,000 to $29,500, while lower support is little over $27,000. "A break outside these Bands may indicate a more powerful breakout with the formation of a new short-term trend," the expert confirmed. With the latest bullish candle, fellow analyst "Rekt Capital" confirmed that the macro downturn had ended.
There are further signs that Bitcoin prices may rise. Another expert reported on April 3rd that prices had crossed a 21-day exponential moving average signal, which is going to print a very bullish pattern. "This happened just in 2015 and 2019." This signal has triggered the major bull run both times."
In the short term, crypto markets fell 1.9% on the day, with total capitalization falling to $1.2 trillion according to CoinGecko. Bitcoin has dropped below $28,000, and Ethereum (ETH) is down 2.2% to $1,778 at the time of writing. Today's altcoins are all in the red, with Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Shiba Inu (SHIB), and Avalanche (AVL) all losing more than 4%. (AVAX).