Bitcoin price will hit this key level before $30K, survey says
Bitcoin (BTC) faces a choice between two key levels as part of a “macro trend defining range,” analysis says.
In a Twitter survey on March 27, monitoring resource Material Indicators said that BTC price action was now in a critical trading zone.
Bitcoin has managed to hold out against a new wave of negative news involving largest global exchange Binance.
While commentators argue that the fallout from United States regulatory action against Binance US may be limited, concerns nonetheless remain that BTC/USD will fail to continue its upward momentum.
With a key monthly close coming, Material Indicators identified two important levels for bulls to protect and overcome, respectively.
These are the 200-week moving average (WMA) to the downside and $30,000 to the upside. While already known, a new survey now shows that market sentiment favors a support retest first.
#Bitcoin is literally at a MACRO Trend defining range. Technical Support at the 200 Week Moving Average is currently ~$25,550, and resistance is at $30k In your opinion, what happens first?
“When the market seems indecisive is often a clue that a big move is coming,” Material Indicators added in part of further commentary.
An accompanying chart showed the BTC/USD order book on Binance with associated bid and ask liquidity clusters.
Trader and analyst Rekt Capital meanwhile continued to draw comparisons to Bitcoin's current behavior and its movements from the COVID-19 cross-market crash in March 2020 when it briefly lost the 200 WMA as support.
Related: US enforcement agencies are turning up the heat on crypto-related crime
"In the end, BTC repeated its March 2020 downside wicking depth below the 200 MA. $BTC deviated by -28% to reach the ~$15500 price point. Since then
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