Bitcoin Price Jumps 4% Defying Consolidation, Key Support and Resistance Levels

Bhushan Akolkar
March 30, 2023
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bitcoin price

The world’s largest cryptocurrency Bitcoin (BTC) is up by 4% in the last 24 hours shooting past $28,500 levels. Also, this Bitcoin price surge comes amid the consolidation in the broader market as altcoins deliver flattish to no returns.

However, this recent Bitcoin price surge has helped the entire crypto market to move past the $1.2 trillion mark. Over the last two weeks, the current market sentiment has been neutral to bearish as BTC continues to trade in the close range between $27,000 and $28,600, which are the support and resistance levels respectively. In its latest report, on-chain data provider Santiment stated:

“Relative strength indicator (RSI) levels also show a bearish divergence, indicating weak buying pressure. The simple moving averages of 200 days and 200 weeks act as strong support levels for BTC. The monthly RSI is trending upwards, indicating a potential long-term rise. However, current market conditions suggest that Bitcoin may experience a bearish correction before any major rise”.

On the upside, if the Bitcoin price manages to break past $28,600, it can rally further in the range of $29,000 to $32,000. Similarly, on the downside, if the BTC price falls under the support of $27,000, it can crash further to $26,000 and below. On-chain data also shows that amid the current price rally, BTC’s social dominance has reached a new one-year high.

Courtesy: Santiment

Bitcoin Accumulation Continues

On-chain data shows that accumulation in the world’s largest cryptocurrency continues over the last year. The Santiment data notes:

Since February ’22, the amount of addresses holding 10+ #Bitcoin has ballooned by 10,279, a +7.1% increase. The overall percentage of available $BTC held by these wallets is rather stagnant, but the amount is closing in on the Sep, 2019.

Courtesy: Santiment

Along with Bitcoin, several other altcoins have also performed well in recent weeks. Earlier this week, two major altcoins Ripple (XRP) and Cardano (ADA) registered strong rallies with both gaining more than 10% a day before.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.