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March 05, 2023
Bitcoin has been losing ground for 16 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing at $22,359 today, Bitcoin began today at $22,359 with significant bullish sentiment driving Bitcoin's price action higher. So far today, price action has drawn out a distinct $22,331 to $22,600 range.
Bitcoin made an initial breakout above its 3 day Simple Moving Average at $22,752, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $22,571 currently serving as resistance Bitcoin's lower Bollinger Band® is at $21,900, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Bitcoin could be slowing down soon as it approaches resistance at $22,600. Of course, crossing it might suggest further gains are ahead.
Bitcoin continues to move higher with technical analysis indicating the trend will continue in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. TRON is up 1.38% to $0.068.
Bitcoin has managed to gain 35.39% so far this year despite trading at lows around $15,759 previously.
