Bitcoin Price Technical Analysis 03.31.2023

Yesterday, Bitcoin tested the intermediate support area at $27,600, which I mentioned in my previous analysis, and has since experienced an upward reaction from this level.

I believe the grey boxed resistance area I marked on the chart (between $28,600 and $28,700) is significant. While the price was precisely at these levels, it faced rejection from the resistance area following the news from the United States: “14,800 BTC were sold on March 14, planning to sell the remaining 41,500 BTC from the Silk Road incident throughout the year.” Currently, I expect a retracement to find support around $28,100 levels.

Looking at the chart below, there are substantial short liquidations within the $29,000 to $32,000 range. I believe that the price will initially target these liquidations, and a sharp upward candlestick could potentially clear a significant portion of these liquidations.

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