Bitcoin rallied, but analysts say it’s ‘more of the same’ until $46K becomes support

The price of Bitcoin is still seeing a degree of bearish pressure, and the BTC/USD pair has yet to break out. The BTC price made a ten percent move toward a key resistance level, but traders warn that the price action is simply “more of the same” until $46,000 is flipped to support.

The month’s buzzword is “volatility,” and that precisely what cryptocurrency investors witnessed today, when Bitcoin (BTC) rose following reports that the Biden administration’s executive order on crypto was a “nothingburger.”

After trading near the $39,000 mark for the previous few days, Bitcoin suddenly surged 10.42% to an intraday high of $42,606 on Tuesday, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USDT 1-day chart. Source: TradingView

Keep an eye on these areas of support and resistance for the next move in this stock. Here’s a look at what traders and analysts in the market are saying about it, as well as where to keep an eye on.

According to crypto analyst and pseudonym Twitter user “Plan C,” who posted the following chart, “Same pump, new plot.” “Different pump, same story” was Plan C’s assessment of Wednesday’s Bitcoin price movement.

Upper and lower trend support bands for Bitcoin. Source: Twitter

Plan C further said:

“#BTC needs to break the ‘downtrend resistance band,’ AKA Uptrend Support Band, and then hold it as support. Otherwise, this is just another cry wolf move. Uptrend Support Band: $43,564 – $46,265.”

Independent market analyst “Crypto_Ed_NL” agreed with this sentiment and suggested further sideways trading in the post below.

BTC/USD 4-hour chart. Source: Twitter

Crypto_Ed_NL said:

“No, this is not some new Elliott Wave theory… It’s what I think is coming next. Pump-range-pump-dump-range-dump-range-pump.”

According to analysis from Delphi Digital, Bitcoin has now reached the “simplest trendline” that connects local highs from December 2021 and February 2022.

BTC/USD 12-hour chart. Source: Delphi Digital

According to Delphi Digital, now that BTC has reached $40,000 again, traders should “look for this level around $42,500-$43,000 to be tested,” which precisely what occurred on March 9 in trading.

Delphi Digital said:

“Contrarian sentiment analysis is often a good place to begin looking for trades much like the latest short-term rally in prices off of the $34,000 lows, but we caution the worsening macro and global backdrop is still a key consideration for market performance at this point in time.”

Bitcoin needs to close above $43,100

The cryptocurrency revolution has already brought with it a slew of problems. One of the most pressing issues is price volatility, which affects the long-term viability and adoption of Bitcoin as a currency. Despite recent attempts to stabilize Bitcoin prices through user-activated scaling (UAS), known as SegWit2x, block size debates have emerged once again as

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said:

“Which is why it’s important that $BTC performs a Weekly Close above this level, just like in the previous blue circle in August 2021.”

The overall cryptocurrency market cap has climbed to $1.839 trillion, with Bitcoin’s dominance rate at 43.5 percent.

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