Search
Close this search box.

Bitcoin (BTC) Price Analysis: Sideways Movement Continues (03-Mar)

SHARE

SHARE

Table of Contents

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past couple of days. The price has barely moved since our last price analysis and is holding the support at $42,800 nicely.  We are still expecting a correction in the immediate short term as speculated in our previous analysis and will be waiting for it to make another move. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

Bitcoin (BTC) Price Analysis 2022 March 03

You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on deposit amount)

bybit-logo
Claim up to $30,030 in Bonus
100x Leverage

Analyzing the Charts

If we take a look at the latest 15-minutes charts for Bitcoin we can see that the price was moving with this descending triangle pattern and has broken below it.

Bitcoin Price Analysis 2022 March 03

It appears that the price is testing the support at $42,800 after breaking below this structure and it will be interesting to see how it reacts. A bounce back from here seems unlikely at the moment but is not completely out of the picture. Ideally, we would like the price to retest $41,700 mark before challenging the resistance at $44,700 once again.

BTC Price Analysis 2022 March 03

Once the price drops to $41,700 region we can expect more buyers to step in. It is an area where we saw the volume flow the last time and a strong bounce back is likely. We can also see it on the 1-hour charts as a retest before another big move.

Bitcoin (BTC) Price Analysis 2022 March 03

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past 48-hours or so. Right now, there isn’t much happening with BTC. Things have turned bullish this week for Bitcoin, and we would like to see it continue. Right now, we are expecting a minor correction for Bitcoin and when the price bounces back, we will also be interested in longing Bitcoin.

Bitcoin Price Analysis 2022 March 03

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

[primexbt]

SHARE

Related Post

Buy / Sell Bitcoin

Rating: 90%

Conveniently buy/sell Bitcoin with EUR

binance

Rating: 85%

World’s largest crypto exchange

Our Favourite Trading Platforms

bybit-logo

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

prime-xbt

Rating: 91%

Claim up to $7,000 in Bonus

100x Leverage

Follow Us