Analysis Platform Reveals The BTC Price Could Rise Again Soon

Bitcoin
coinedition.com 1 h    Reading time: ~2 m

The crypto market education and analysis platform, IncomeSharks (@IncomeSharks), tweeted this morning that the move up for the crypto market leader, Bitcoin (BTC), has begun. According to the tweet, there is currently non-stop “fear and doom and gloom.”

IncomesSharks posted another tweet in the last 24 hours stating that there is volume coming in for BTC, adding that the volume could have an effect on the price by the end of March or even sooner. The latest tweet by IncomeSharks highlights that the volume highlighted in the Twitter user’s previous tweet is starting to play out.

At press time, the crypto market leader’s price is up 1.36% according to CoinMarketCap. This 24-hour price increase has not been able to flip BTC’s weekly performance into the green, however. Currently, BTC’s price is down 9.48% over the last 7 days. As a result, BTC’s price stands at $10,260.34 at press time.

The daily trading volume for BTC has also increased over the last 24 hours. At press time, BTC’s daily trading volume is up 5.12%. This takes the total volume to $39,426,198,695.

Analysis Platform Reveals The BTC Price Could Rise Again Soon0 Daily chart for BTC/USDT (Source: TradingView)

BTC’s price is currently being forced below the key support level at around $19,900 as can be seen by the wick above today’s daily candle.

Should BTC’s price close today’s trading session above the $19,900 level then its price may begin to climb in the next 24-48 hours. Should this bullish thesis play out, then BTC’s price will have to overcome the resistance level at around $20,600 before traders and investors can consider entering into a long position for BTC.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.



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Updated: 03/11/2023 — 06:00

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