Analysts debate Bitcoin’s next step after today’s $45.5K retest
The euphoric calls for a return of the bull market may have been a bit early especially after Bitcoin (BTC) bulls failed to push the price over the $46,000 level on March 31. Even with the current pullback, analysts continue to expect a lower support retest at the $45,000 level.
Data from Cointelegraph Markets Pro and TradingView shows that today's attempt to push the price of BTC above $47,500 was soundly rejected by bears which sent the top cryptocurrency plunging to $45,500.
Here’s a look at what several analysts in the market are saying about the price pullback for BTC and whether or not traders should brace for further losses or prepare for another move higher.
Not all traders were caught flat-footed by Thursday's move lower in Bitcoin, including market analyst and pseudonymous Twitter user ‘IncomeSharks’, who posted the following chart prior to the price drop noting that the “4h looks like it wants to correct a bit.”
IncomeSharks said,
The next available levels of support to keep an eye on were discussed by market analyst and economist Caleb Franzen, who posted the following chart showing the 21-day, 55-day and 200-day exponential moving averages (EMA) for Bitcoin stating, “Sometimes it's helpful to cut out all the noise, remove price structure analysis, and just look at the exponential moving averages.”
Franzen said,
Related: Bitcoin derivatives metrics favor a move to $48K, but only after a lower support retest
A more macro view on what comes next for Bitcoin was provided by analyst and pseudonymous Twitter user ‘BTCFuel’, who posted the following chart comparing the BTC price action in 2012 to its current movement and suggested that “after being up 28% in the last 2 weeks and breaking a major resistance, some
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