Before Taking Action, Don’t Neglect Monitoring the Status of Bitcoin: Latest Data!

  • After a strong rally last week, the price of Bitcoin (BTC) is oscillating around $52,000, confusing investors about the next move.
  • Renowned crypto analyst Ali Martinez provides insights into the short-term price movement of Bitcoin, highlighting key support and resistance levels on the 10-minute chart.
  • Ali Martinez emphasizes the importance of the difference between short-term trading in futures accounts and long-term holding in personal wallets.

Bitcoin’s Rise May Give Way to Consolidation: What Current Predictions and BTC Options Suggest?

Bitcoin Shows Signs of Recovery But Faces Stagnation

bitcoin-btc

After a strong rally last week, the price of Bitcoin (BTC) is oscillating around $52,000, confusing investors about the next move. While some individuals on Satoshi Street suggest that Bitcoin could reach a new all-time high at the end of March, others argue that it may experience a correction to $48,000 before the next upward stage.

Renowned crypto analyst Ali Martinez provides insights into the short-term price movement of Bitcoin, highlighting key support and resistance levels on the 10-minute chart. Since the TD Sequential indicator shows critical levels, Martinez suggests that Bitcoin’s ability to sustainably surpass these boundaries will determine its next move.

Martinez identifies critical levels for the immediate price movement of Bitcoin, specifying the support trendline at $51,700 and the resistance trendline at $52,515 on the 10-minute chart. The TD Sequential indicator emphasizes the significance of these levels, suggesting that a sustainable close in this range will determine the direction of Bitcoin’s next move.

Ali Martinez emphasizes the importance of the difference between short-term trading in futures accounts and long-term holding in personal wallets. While some traders may consider a pre- or post-halving correction to buy Bitcoin, focusing on a broader perspective can help reduce stress induced by market fluctuations.

BTC Option Data

Bitcoin has surpassed $10 billion in open interest for the first time since July 2022. This indicates that the crowd’s enthusiasm is still ongoing. However, rapid increases in value sometimes indicate the need for caution.

According to leading crypto options exchange Deribit, Bitcoin call spreads are currently among the most preferred strategies. This indicates that investors expect more gains in the price of Bitcoin. Caroline Mauron, the co-founder of digital asset derivatives liquidity provider Orbit Markets, told Bloomberg:

The options market is currently pricing in about a 20% to 25% chance of breaking a new all-time high before the halving, which seems about right to us.

According to Elliott Wave analysis, markets tend to exhibit recurring wave patterns. Applying this method to the Bitcoin price suggests a pullback to around $40,000 and then a subsequent rise is possible. This contradicts Bitcoin’s previous peak at $68,992 in November 2021, characterized by widespread stimulus measures at that time.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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