Bitcoin Analysis – $72K on Sight

The winter was distressing for Bitcoin and the cryptocurrency market. Since December Bitcoin lost nearly $20K in price setting a new yearly low at $33000. Crypto-winter was followed by the Fear and Greed Index being at Extreme fear. Many on-chain and off-chain data indicated the coming uptrend in the nearest time, however that didn’t happen.

Although signs were signs and attempts of a bullish run back in February, when Bitcoin retested $45000, although resistance pushed the price back below $40K.

Noticeably, the latest jump was on February 28, the last day of winter, which encourages us that the crypto-winter might be over, and it is time for Bitcoin to continue the upward move. Another reason for the hike of cryptocurrencies could be the fact that during this crisis, cryptocurrencies might be a preferred means of payment and money transfers.

Online retail stores and marketplaces already are exploring and adding Bitcoin as a means of payment. Bitcoin could also be considered as a safe-haven asset just like it was considered back in 2020. Rates will be hiking globally and it is the best time for investors to consider diversifying their portfolios and Bitcoin will surely be among them.

From the technical point of view, Bitcoin is following a parallel channel pattern on a daily BTCUSD chart.

On January 24, Bitcoin retested the bottom line of this channel and bounced back leaving enough room for us to assume that BTC is getting ready for another jump. Juxtapositions of previous impulses, which are identical, accompany the idea that Bitcoin’s next ATH is at $72180.

MACD remains bullish on a daily BTCUSD chart, RSI signals a possible short correction but the general overview remains the same – To continue the uptrend Bitcoin must close above $45000. There is another important resistance at $52000 and if this resistance is overtaken, then bulls will surely push BTC to $72K.