Bitcoin Trading Marginally as Bitcoin Prepares for Breakout – March 27, 2022
For the past 48 hours, BTC/USD has been trading below the $45,000 overhead resistance as Bitcoin prepares for a breakout. On March 25, buyers tested overhead resistance again, but were able to break the $45,000 high. BTC price bounced back above the $44,000 support and resumed swing below the resistance level. Bitcoin is trading at $44,709 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
After the retest with an overhead resistance of $45,400, BTC price continued to swing below the resistance level. The price movement was slow due to the presence of small candlesticks called Doji. These candlesticks indicate the indecision between buyers and sellers about the direction of the market. Since March 25, BTC price has been consolidating below the overhead resistance. Consolidation below the resistance is said to increase the likelihood of a breakout. On the upside, a strong rally above the $44,000 support will push BTC price above $45,400 overhead resistance. Bitcoin will rise above the psychological price level of $50,000 if buyers are successful. Bullish momentum will extend as high as $52,000. Conversely, Bitcoin will be forced into a range-bound move between $41,000 and $45,400 price levels, if BTC price is repelled.
Portsmouth, New Hampshire Allows City Bill Settlement in Bitcoin Payment
Deaglan McEachern is the city’s mayor who suggested the idea to city officials to allow residents to pay their bills with more payment choices. The mayor has expressed interest in learning more about cryptocurrency and Blockchain. Therefore, the city of Portsmouth, New Hampshire, will allow residents to pay their bills in Bitcoin and other cryptocurrencies.
Mayor McEachern said that “there are waves of new things that will affect us in terms of our future using the type of technology used in cryptocurrency.” He went on to say: “I want to make sure that Portsmouth is not waiting to see how this will affect us in the future as it is already having an effect on us.” The mayor indicated that any cryptocurrency payments would be converted into US dollars so that there is no impact on the city’s monetary practices.
BTC/USD – 4 Hour Chart
Meanwhile, BTC price is still fluctuating below the $45,400 overhead resistance as Bitcoin prepares for Breakout. Bitcoin is trading marginally below the overhead resistance. The price movement was insignificant due to the presence of Doji candlesticks. Bitcoin risks a further decline as the market moves into the overbought region.
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