Bitcoin (BTC) Price Analysis for March 18


The growth of the cryptocurrency has been stopped, and most of the coins are again in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) could not fix above $41,000 from the first attempt, falling by 1.42% over the last 24 hours.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly time frame, the price is located between the local levels—the support at $39,355 and the resistance at $41,467. The sideways trading is also supported by low trading volumes, which means that none of the sides is ready for a sharp move.

In this case, the more likely short-term scenario is continued trading in the range of $40,000-$41,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the mid-term point of view, the situation is similar as the action is taking place in a wide range. Until the rate is above the vital $40,000 mark, bulls remain more powerful than bears and have the chance for a possible upward move. If that happens, followed by a return to $41,000, there is a possibility to see the test of $45,000 within the next few weeks.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, nothing crucial has changed. The volatility is going down, as well as the trading volume. Neither bulls nor bears are dominating at the moment as the rate is in the middle of the channel. Only a slight rise to $44,000 can be a prerequisite for further growth.

Bitcoin is trading at $40,397 at press time.


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