By Nathan Ferguson
- BTC price action appears stuck between two critical levels at $35K and $44K.
- On-chain metrics don’t offer a clear outlook but show bulls hanging on.
- A daily candle close beyond $52K will annul any bearish narrative, welcoming a bullish regime.
Bitcoin (BTC) hovers between a daily demand and weekly supply territory, translating to a bracketed move. The latest upside move halted after retesting the topside border. Now, the currency retraces to secure a steady support region.
BTC Price Hopes for Bullish Return
Bitcoin price saw a massive bounce from the demand zone at $36,398 – $38,895 on 28 February, rallying by 22%. The upswing lacked $138 to hit the weekly supply territory stretching between $45,550 and $51,860.
However, bears took over, triggering a 9% fall so far. More decline might face the demand zone’s upper limit, where Bitcoin might secure support that absorbs upcoming selling strength. Buyers’ comeback will see the dominant crypto launching another upward attempt to overcome the weekly supply. A successful rebound for Bitcoin to produce a daily candle close beyond $52K will create a higher high, triggering a possible upward trend.
Such developments might open the road towards the $60K level before climbing towards an ATH past $80K. This positive case presumes BTC won’t shatter its daily demand region. IntoTheBlock’s GIOM model shows a vital level to surpass for the bullish case is $44,073. Here, nearly 2.19m addresses that bought 1.5 million Bitcoin remain underwater.
A move above average buy-in value would cancel selling strength from out-of-money traders attempting to break even. Overcoming this obstacle would see Bitcoin pushing towards $50K, the following underwater investors’ cluster.
The resistance zone at $44,073 seems relatively weaker than the support regions, showing a slight bullish momentum that might trigger profitable upswings.
Though things seem upside for Bitcoin, losing the demand zone at $36,698 – $38,889 will threaten the bullish upswings. A weekly candle close under $39,481 will form a lower low and attract continued downtrends.
That might see Bitcoin crashing towards $29,100, the level with sell-side liquidity. That might see market makers knocking BTC to accumulate the coins at discounts. Meanwhile, the GIOM shows immediate support stretched between $11,401 and $35,891. Here, around 5.04 million addresses bought nearly 2.42 million Bitcoins at a $22,859 average price. That means escalated tensions and nuclear attacks might see BTC falling to $22,589.
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