Bitcoin Price Movement Analysis for 4th March, 2021

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There were some reasons that led to Bitcoin falling down to $45,000 at press time. In reality, in the last two weeks alone, Bitcoin has corrected by 25% after climbing from $43,200 to $58,200. The area in the vicinity of $52,000 served as a supply zone for BTC. In the long run, another dip of $45,000 or less can be seen as a purchase chance.

Bitcoin 12-hour chart

For much of the last 36 hours, the $48,850-$48,950 area has been used as funding for the BTC. The most critical thresholds in the next few days will be $44,000, $49,000, and $52,000, each of which is supposed to serve as support and resistance.

The second rejection of the $52,000 supply area was not what the bulls wanted, but they have been able to keep the market above the $48k mark for the most part over the last few days, an indication of bullish resilience.

This alone, though, is not enough. Ergo, a broader correction is yet to be ruled out. In reality, missing the $49k region will be the first move down to $44,000.

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Reasoning

Here, the volume of exchange should be taken into account – The ‘recovery’ of $45,120 to $52,000 saw average or below-average volume. Even though funding rates on the BTC Futures market were back to standard, there was no market conviction to lift prices above $50,000 psychologically.

As the OBV pointed out, the sellers have dominated the market after $58k, and the bulls’ defence of $43,000 could be an achievement that needs to be repeated once again.

The Stochastic RSI was in overcrowded terrain and was dropping, but the RSI was 51. It can be anticipated that any temporary help will be sought at $47k if we see a decline, with bear intensity worth noting at that price level as well.

 

Conclusion

The bullish strength required to push BTC back over $52,000 was not yet there. The correction down to $47k and $44k cannot yet be counted out. However, this will only be a small dip in the long run and not a turnaround for BTC.

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