Bitcoin price holds key support level — Can BTC rebound to $43K next?

Bitcoin (BTC) looks poised to trial the $43,000 level successful March, according to a method setup shared by Rekt Capital, a pseudonymous marketplace analyst. 

BTC rebounds from coagulated 2022 support

Bitcoin's driblet toward $37,000 yesterday was met with modest buying sentiment, starring to a terms rebound supra $39,000 connected March 8. Interestingly, the upside retracement determination originated astir the aforesaid upward sloping trendline serving arsenic an accumulation zone for traders successful 2022.

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Rekt Capital spotted the palmy retest of the trendline successful his latest outlook, noting that the determination could person Bitcoin ascent supra $43,100 next, providing it breaks supra the greenish dashed diagonal absorption arsenic shown successful the illustration below.

BTC/USD play terms chart. Source: Rekt Capital, TradingView

"Successful retest present and BTC could really repetition past week's move," commented Rekt Capital connected Tuesday.

Bitcoin to $30K?

The interim bullish outlook appeared arsenic Bitcoin remained stuck wrong a wide trading scope — betwixt $34,000 and $45,000 — each crossed Q1/2022. In doing so, BTC withstood utmost selloff unit leveled up by the ongoing macroeconomic and geopolitical concerns, including complaint hike fears and the subject struggle betwixt Russia and Ukraine.

— DonAlt (@CryptoDonAlt) March 8, 2022

Filbfilb, the cofounder of trading suite DecenTrader, also noted last play that "Bitcoin is rangebound connected a macro level," but its semipermanent operation suggests that it would interruption to the upside.

"In the contiguous term, if the 50 DMA and 3-day level tin beryllium to beryllium supported, a retest of the $43k and precocious timeframe level could occur," said Flibflib, adding that a further interruption supra Bitcoin's yearly pivot level of $48,000 would beryllium "very important and implicit of a cardinal change."

BTC/USD four-hour terms chart. Source: Decentrader, TradingView

But Rekt Capital's upside setup revealed small possibilities of Bitcoin extending its rebound toward $48,000. That is due to the fact that the setup resembles a bearish "ascending triangle" pattern, a consolidation scope that typically sends the terms further little aft its breakout move.

Notably, the nett people of an ascending triangle is calculated by measuring the maximum region betwixt the pattern's 2 trendlines and by subtracting that from the breakout level.

The illustration beneath assumes the breakout constituent to beryllium anyplace betwixt $37,500 and $45,000, meaning that a palmy interruption beneath the triangle scope could person Bitcoin driblet to betwixt $30,000 and $35,000.

BTC/USD regular terms illustration featuring ascending triangle breakout targets. Source: TradingView

Interestingly, some $30,000 and $35,000 had acted arsenic coagulated enactment levels successful caller history.

BTC bottoming out?

Flibflib besides highlighted the $30,000-level for coinciding with the bottommost of Bitcoin's logarithmic regression bands — a "tried-and-tested" enactment level.

Related: Bitcoin heading to 36K, investigation says amid informing planetary stocks ‘look expensive’

"The bully quality is that Bitcoin has little acold to autumn due to the fact that it did not tally up rather arsenic hard," the expert asserted, adding:

"The confluence with this present sitting astatine the bottommost of the play scope is important successful our sentiment and supports the thought that we volition not spot specified a drawdown arsenic successful erstwhile cycles."

BTC/USD 3D illustration featuring yearly pivots and log maturation curve. Source: TradingView, DecenTrader 

Nonetheless, an assertive capitulation lawsuit adjacent the $30,000-level could person Bitcoin autumn refresh its downside people to the 200-week elemental moving mean (200-week SMA), a "catch-all level" marking the extremity of erstwhile bearish cycles successful March 2020 and December 2018.

The 200-week SMA sits astir $20,000.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.