Bitcoin (BTC) is “looking pretty good” as the week progresses as bulls line up challenges for several significant resistance levels.
In an update to Telegram subscribers on March 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment around the outlook for BTC/USD.
Trader focuses on levels above $40,000
After surprising the market with a breakout Monday, Bitcoin has risen to challenge February highs. While so far not beating them, investors and traders have reacted extremely positively to the news, and sentiment gauges show a swift transformation taking place on the market.
For Filbfilb, the prognosis is just as rosy after BTC/USD passed both the 50-day moving average (MA) and a “massive” weekly level, both of which could now function as support.
“Bitcoin looking pretty good mid week. HTFs have some key levels which are being challenged,” he summarized.
In a bleaker scenario, the point of interest for bulls to hold is $40,770, this ideally forming the minimum close into the weekend on 3-day timeframes.
“Bit of a crazy environment, literally on the brink of anything being possible, given the conflict,” Filbfilb added about the current macro situation.
BTC/USD chart with levels marked. Source: Filbfilb/TradingView
Even considering the turmoil currently enslaving global markets, however, signs that the worst is over for crypto as an asset class are flowing in.
As noted by Jurrien Timmer, director of global macro at United States asset management giant Fidelity Investments, both Bitcoin and related stocks appear to have put in a “double bottom” formation.
As such, for BTC/USD to continue, the existing February highs of just under $46,000 should be convincingly flipped to support.
Looks like a potential double-bottom is in the making for BTC and the related equities. pic.twitter.com/gzbVqdG7Pg
— Jurrien Timmer (@TimmerFidelity) March 1, 2022
Daily chart support creeps higher
Orderbook data from major exchange Binance likewise shows increasingly bullish moves by traders in recent days.
Related: 3 reasons why Bitcoin price rallied toward $45K entering March