Having achieved its best monthly performance since December 2020 in February, will Bitcoin manage to set a new price record in March ?
Find out in this BTC analysis !
It’s Friday, March 1, 2024, and the price of Bitcoin (BTC) is hovering above $62,000.
After closing February with its best monthly candle since December 2020, what are the different scenarios to watch for on Bitcoin this March ?
Will the cryptocurrency correct after 6 months of consecutive gains ? First, let’s take stock of its progress.
BTC closes its month with a performance of up 47% 📈
Such an increase in February had not been achieved since February 2013.
| Pairs with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin / USDT | -0,70% | +21,46% | +47,20% |
| ETH / Bitcoin | -0,83% | +16,59% | +3,03% |
BTC’s dominance over altcoins is still very strong at 54.43%, while ETH/BTC is up 16.59% on the week.
Back on the top of its range, Bitcoin soon to be rejected ?
While its price took off in February, BTC is now at the upper end of its range.
It could still go up to around $65,500, before finally being rejected, at least initially.
Indeed, the top of the range (large blue rectangle) represents major resistance, as it is the top of the previous Bull Run.
It will therefore be necessary to break through this level, which in the past triggered massive profit-taking. But is it already time for a new price record (ATH) when halving hasn’t even taken place yet ?
While anything is possible, it’s still time to be cautious. It’s been 6 months since the price last corrected, so we can expect it to attempt a further decline in the coming weeks, at least towards its next support at $55,000.
We’ll be keeping a close eye on BTC’s behavior around $65,500. If it manages to break through its range from above, then the targets to aim for are given by a Fibonacci extension to $68,950 (1.414) then $79,860 (1.618).
In short, Bitcoin is under significant resistance, and the odds of a short-term correction look pretty strong.
So do you think BTC will manage to set a new price record in March ?
Don’t hesitate to give me your opinion in the comments.
Have a great day and we’ll see you on Monday for a new analysis of Bitcoin (BTC).
One Response
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