The price of Bitcoin did see some brisk movement towards the top during the trading session of Wall Street on the 18th of March. This seemingly conforms to most of the predictions that the higher levels would be seeing a retest. According to data received by TradingView and Cointelegraph Markets, it was understood that the exchange of BTC/USD moved up by $1,650 from its daily lows to match its earlier price of $41,700 on the 16th of March.
Bitcoin Looking To Climb Up The Price Range
This move of Bitcoin did rejuvenate the traders, who then started reinforcing most of their short-term view of levels that were near the trading range of the cryptocurrency in 2022. Pentoshi, one of the most popular traders around, stated that such a result would not necessarily mean that the BTC/USD exchange had broken its downtrend completely. In his tweet for his fans, he stated that most of the macro headwinds were still too strong but midterm, and so they would probably rally due to seller exhaustion before any shot at new lows or prev lows.
Cointelegraph reported that most of the macro conditions saw traders getting cold feet- which soon became quite a major issue this week. The week also saw multiple predictions of a major drawdown across most of the major assets including the Bitcoin coming out this year. Matthew Hyland, one of the analysts, noted that under any case most of the previous resistance around $40,000 was now looking increasingly flipped.
Crypto Ed had previously pushed out a near-term forecast of $43,000 for the BTC/USD exchange before a potential fresh consolidation period came about. This would allow them to only be followed either by an exit up or a down. On a subsequent date, he also showed the pair coming out of a bull flag formation. Bitcoin was currently circulating at $41,500 with its volatility still heightened.