Bitcoin Price Technical Analysis 03.30.2023

Since March 17, Bitcoin has been moving within a specific range, and after the drop that occurred three days ago, long liquidations were cleared, and the price managed to hold above the support area of $26,600. This, in turn, targeted the liquidity of short sellers and led to a rise towards the resistance area.

The liquidations I mentioned on the chart have been cleared. Currently, the price is moving within the range again. In the case of a possible retracement, the first support area will be at the $27,600 level. I believe that volatility may increase tomorrow with the data coming from the United States.

Technically speaking, I think caution is needed since we are below the $29,000 resistance level. For those considering entering a trade, I believe it would be healthier to either wait for a retracement to the support area or for the $29,000 resistance level to be reclaimed. After this resistance is reclaimed and followed by a daily close above it, a retest could be monitored before entering the trade.

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