Bitcoin Pauses Rally

31 mar 2022

Bitcoin has continued its tight range, after stocks snapped a four day rally. The upper bound seems to be 48.2K, which is a barrier between current prices and 49.7K, our next target and last level before 50K. The rally in Bitcoin does seem to encountering a hard pause, and we will need significant momentum to break 50K again. This seems to hinge on what stocks decide to do. We could have enough in the tank for another attempt at 50K, but this should provide formidable resistance and we may see a significant retracement upon rejection. If we retrace, then we should see support in the 45K-46K range, with 43.8K a likely floor for now.