After a price slide in the previous week including a gap close of the CME futures price gap at 19,568 US dollars, the Bitcoin price stabilized and started a brilliant recovery in the last three trading days: With a price increase of around 30 percent, it is the strongest upward movement since October 27, 2019. At its peak, the BTC price reached $26,553, its highest level since June 13, 2022. The key crypto currency thus reached the golden pocket of the overall price movement at $26,500. This is where the bulls started taking profits and pushed Bitcoin back below the old high for the year. However, at $24,698, Bitcoin is still trading within striking distance of its February highs.
After three US banks had already slipped into insolvency last week and on Wednesday the crisis at the major Swiss bank Credit Suisse also shakes the entire banking sector, interest in Bitcoin seems greater than ever. The trading volume in the last few days is around 200 percent above the annual average.
Bitcoin: Bullish price targets for the coming trading weeks
Bullish price targets: $25,214/$25,304, $25,684/$25,801, 26,553/26,875 USD, 27,682/28,088 USD, 28,740/29,232 USD, USD 30,000, USD 30,656/USD 31,756, 32.403/32.938 USD
The bulls have shown their full strength over the past few days, pushing Bitcoin to a new yearly high. Bitcoin now needs to stabilize above $24,000 and initiate a new attempt to rise above $25,304 towards $25,800. If Bitcoin breaks this resistance, there will be another showdown between $26,553 and $26,875. Optimally, Bitcoin then also overcomes the course-limiting purple upward trend line.
Bitcoin should then initially march through to the green resist zone just below US$ 28,000. A recapture would then take BTC price into the purple resistance area between $28,740 and $29,232. Here is an old CME futures gap from June 10, 2022. This area represents the first key price target in the coming weeks.
Profit-taking is very likely here. Only on a daily close above this range will Bitcoin continue to march towards $30,000. If there is no significant price rebound to the south, a subsequent increase into the yellow zone is also conceivable. The maximum price target for Bitcoin is between $32,403 and $32,938.
Bearish bitcoin price targets
Bearish Targets: 23,998 USD, USD 23,618, USD 23,048, 22.519/22.177 $21,786/$21,366, $20,948, $20,666/$20,370, $19,565
The bears had nothing to oppose the price jump. Only a drop below $23,998 and then falling below the red support zone should the price consolidation extend to at least $23,048. If Bitcoin breaks through this support level, the area between $22,519 and $22,177 will come into focus again. Already at this point, there is clear resistance on the part of the buyers to be planned.
A abandonment of this support area by the daily close would be a sign that the bull party is on pause. However, given the situation in the banking sector, this seems unlikely. At most, Bitcoin could briefly touch the EMA200 (blue) in the daily chart to catch its breath. The bulls are therefore likely to defend the orange area with all their might.
If the support at $21,365 is breached again, the focus will shift to the maximum bearish price target for the coming week. From a technical point of view, this is found at 20,948 US dollars and is derived from the super trend. Possible price targets in the event of a massive sell-off on the global financial markets as a result of a banking crisis can be found in the last price analysis from March 10th.
Looking at the indicators
The RSI as well as the MACD indicator have generated a new buy signal on a daily basis
Due to the brilliant recovery movement, the sell signal was also negated on a weekly basis. To confirm a fresh long signal on the weekly chart, Bitcoin needs to trade above $24,000 by Sunday’s weekly close. The buy-signal in the MACD remains unchanged.
