Bitcoin Price Analysis: BTC Perpetual Swaps Reach 3-Month High; Can BTC Break $45,000?

By Brian Bollinger
February 27, 2022 Updated February 27, 2022
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The largest cryptocurrency has been quite volatile over the past two months amidst the geopolitical issue of the Russia-Ukraine war. The correction rally marked the current lower low at $33000 on January 24th. The buyer’s recovery attempts drive the coin price by 35%; however, the $45000 stands as a formidable barrier for them.

Technical indicators

  • The down-sloping crucial EMAs(20, 50, 100, and 200) along with a bearish sequence indicate bear dominance. Moreover, the sellers have recently reclaimed the 20-day EMA, which now provides strong resistance to the coin price.
  • The RSI indicator slope reverted from the 14-SMA in negative territory accentuates a bearish sentiment.

TradingView ChartSource- Tradingview

A recent bearish reversal from the $45000 mark knocked out two significant support levels of $41600 and $395621. The Bitcoin price tumbled by 19% from the swing high, bringing it to $36000 support.

On February 24th, the sellers tried to extend these losses, but the buyers wrested control from bears, resulting in a long-tail rejection candle closing above the $36000 mark. The following rally surged the BTC price by 8%, resetting the $40000 resistance.

However, the long-wick candle at this resistance indicates the sellers are defending this level, preventing a further rally. If bears sustain the below $40000 mark, the increasing selling momentum would plug the price to $36000 support along with the threat of a downtrend continuation.

  • Resistance level- $39640, $44650
  • Support level- $36372, $30000

BTC On-chain data analysis

  • The Global In/Out of the Money by intotheblock on-chain analytic platform indicates 61.95% of addresses are in profit. Conversely, 33.95% Out Of The Money holders are experiencing loss.
  • An At The Money cluster highlights a possible resistance at the $39276 mark, followed by a relatively larger cluster mean value at $42626 indicates the path to least resistance is downward.
  • However, intotheblock has recently tweeted that the trading volume for BTC perpetual swaps reached a 3-month high of over $134 billion on Feb 24th amid the Russian invasion in Ukraine.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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