Last updated on March 14th, 2022 at 12:33 pm
Bitcoin prices have been holding up slightly below the $40K resistance zone, but the recent reversal to $37K questioned the possibility of a bull run. However, the bulls gradually overtook the trend control with multiple bullish candles. This also increases the overall dominance of Bitcoin on the crypto market from 41.47% to 42.60% within a week.
The ongoing rally surpasses the $41K level and projects the possibility of a bull to the next resistance of $45K. However, there remains a possibility of a bull run to $60K as we have seen twice before in 2021.
The cryptocurrency price action shows the breakout of an inverted head and shoulder pattern which targets the $45 mark. However, a short-term retracement to retest the bullish breakout is a possibility that we can not afford to neglect. The retracement may come as many buyers might want to exit at the break-even point.
RSI: The technical indicator’s slope surpasses the 50% mark indicating a boom in buying pressure.
MACD: The MACD histograms put an end to the bearish trend and a bullish crossover of the fast and slow lines hints of an uptrend continuation for the long term.
In conclusion, the technical indicators and the price action indicate a bull run in action that may shortly overcome the $45K stronghold.
