{"id":2284,"date":"2022-03-02T11:11:26","date_gmt":"2022-03-02T11:11:26","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2284"},"modified":"2022-03-02T11:11:26","modified_gmt":"2022-03-02T11:11:26","slug":"btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2284","title":{"rendered":"BTC price now has support above $40K as data shows Bitcoin \u2018redistribution event\u2019"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is \u201clooking pretty good\u201d as the week progresses as bulls line up challenges for several significant resistance levels.<\/p>\n<p>In an update to Telegram subscribers on March 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment around the outlook for BTC\/USD.<\/p>\n<h2>Trader focuses on levels above $40,000<\/h2>\n<p>After surprising the market with a breakout Monday, Bitcoin has risen to challenge February highs. While so far not beating them, investors and traders have reacted extremely positively to the news, and sentiment gauges show a swift transformation taking place on the market.<\/p>\n<p>For Filbfilb, the prognosis is just as rosy after BTC\/USD passed both the 50-day moving average (MA) and a \u201cmassive\u201d weekly level, both of which could now function as support.<\/p>\n<p>\u201cBitcoin looking pretty good mid week. HTFs have some key levels which are being challenged,\u201d he summarized.<\/p>\n<p>In a bleaker scenario, the point of interest for bulls to hold is $40,770, this ideally forming the minimum close into the weekend on 3-day timeframes.<\/p>\n<p>\u201cBit of a crazy environment, literally on the brink of anything being possible, given the conflict,\u201d Filbfilb added about the current macro situation.<\/p>\n<p><em>BTC\/USD chart with levels marked. Source: Filbfilb\/TradingView<\/em><\/p>\n<p>Even considering the turmoil currently enslaving global markets, however, signs that the worst is over for crypto as an asset class are flowing in.\u00a0<\/p>\n<p>As noted by Jurrien Timmer, director of global macro at United States asset management giant Fidelity Investments, both Bitcoin and related stocks appear to have put in a \u201cdouble bottom\u201d formation.<\/p>\n<p>As such, for BTC\/USD to continue, the existing February highs of just under $46,000 should be convincingly flipped to support.<\/p>\n<p lang=\"en\" dir=\"ltr\">Looks like a potential double-bottom is in the making for BTC and the related equities. pic.twitter.com\/gzbVqdG7Pg<\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) March 1, 2022<\/p>\n<h2>Daily chart support creeps higher<\/h2>\n<p>Orderbook data from major exchange Binance likewise shows increasingly bullish moves by traders in recent days.\u00a0<\/p>\n<p><strong><em>Related:\u00a03 reasons why Bitcoin price rallied toward $45K entering March<\/em><\/strong><\/p>\n<p>As Bitcoin has increased, bids have inched up in step, with new demand now lying at around $43,200. $45,000, meanwhile, remains a major area of sell-side pressure.<\/p>\n<p><em>BTC\/USD orderbook data chart (Binance). Source: Material Indicators<\/em><\/p>\n<p>As reported by on-chain analytics firm Glassnode this week, however, zooming out, data suggests that almost every buyer at November\u2019s $69,000 all-time highs has now capitulated, lessening the overall desire to exit at price points between there and the current spot.<\/p>\n<p>\u201cDuring this 2.5 month long period of consolidation, a great deal of supply was transferred by top buyers into exchanges for sale. This supply was then gradually soaked up by higher conviction buyers, with the cost basis of these coins becoming more heavily weighted between in the $29k to $40k price range,\u201d it explained in its latest weekly newsletter, \u201cThe Week On-Chain.\u201d<\/p>\n<p>\u201cThis behaviour describes a broad scale weak hand to strong hand redistribution event.\u201d<br \/>\n<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-now-has-support-above-40k-as-data-shows-bitcoin-redistribution-event\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is \u201clooking pretty good\u201d as the week progresses as bulls line up challenges for several significant resistance levels. In an update to Telegram subscribers on March 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment around the outlook for BTC\/USD. Trader focuses on levels above $40,000 After surprising the market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2284"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2284\/revisions"}],"predecessor-version":[{"id":2286,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2284\/revisions\/2286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2285"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}