Crypto Technical Analysis

Bitcoin gave back all of Tuesday’s rally profits on Thursday after the SEC put on hold any decision on a draft of Bitcoin ETF applications.

After a long consolidation near the critical $30K threshold, the price has encountered significant rejection, resulting to 11% swift decline.

BTC/USD is consolidating well since coming out of the cycle low; a move above $29k appears to have put a 60-day cycle low behind us.

After hitting a low near $26k and reversing to a daily close above $27,100, BTC has been trading mostly sideways in the last four weeks.

Bitcoin has refused to fall into a deeper low of the cycle-low timing window, but rather undergoing a sideways consolidation within the uptrend.

Despite facing problems flipping $28,000 to support, BTC is firmly on the way to breaking out towards new higher highs. Bitcoin has stood the test of time and despite falling more than 70% from its all-time high in November 2021, BTC is expected to continue its upward trajectory.

The sentiment has also improved considerably across the board since the beginning of this new 4-year cycle.

. Bitcoin gained almost 22% in March, rising from $23,450 to the end of the month at over $28,500. The big bullish candle has mirrored the one in January.

Despite facing problems flipping $28,000 to support, BTC is firmly on the way to breaking out towards new higher highs. Bitcoin has stood the test of time and despite falling more than 70% from its all-time high in November 2021, BTC is expected to continue its upward trajectory.

Over the past week, Bitcoin has seen fairly impressive growth. The total market cap of the crypto space has also added 8% – now sitting at $1.125tn. Bitcoin in particular seems to be in a bullish phase.