Bitcoin: New bullish signals 50,000 Dollar in sight

28 mars 2022

Bitcoin: $50,000 Dollar in sight

After posting a slightly bullish consolidation on Saturday and Sunday, Bitcoin suddenly accelerated its gains on Sunday evening, crossing the $45,000 resistance zone to hit a peak at $47,408, the highest since the beginning of January.

However, it should be noted that this bullish push did not seem to respond to any particular news. From a technical point of view, however, it should be recalled that the profile of Bitcoin improved last week, in particular thanks to the return of the cryptocurrency above its 100-day moving average, which previously played the role of a key obstacle. . Sunday night's rise further improved Bitcoin's chart backdrop, with the breakout of the $45-45,500 resistance zone blocking all BTC/USD bounce attempts since the start of the year.

Now, the next potential upside target is the 200-day moving average, currently at $48,290. Then, the $50,000 threshold will come into play, a particularly important psychological objective. On the downside, the $45,000 area now becomes immediate support.

Regarding the latest positive news for Bitcoin, which does not explain Sunday's movement since it dates from last week, it will be recalled that Russia has suggested that it could accept payments in BTC for its oil and gas. , which had largely contributed to the rise of the cryptocurrency.