{"id":2750,"date":"2022-03-20T22:04:38","date_gmt":"2022-03-20T22:04:38","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2750"},"modified":"2022-03-20T22:04:38","modified_gmt":"2022-03-20T22:04:38","slug":"bitcoin-holds-40k-as-on-balance-volume-hints-at-multi-month-btc-price-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2750","title":{"rendered":"Bitcoin holds $40K as on-balance volume hints at multi-month BTC price breakout"},"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) narrowed its consolidation range on March 18 as the TradFi trading week looked set to end with $40,000 still in place.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Traders patiently await paradigm shift<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD preserving $40,000 support overnight and with it, the area highlighted as \u201ccrucial\u201d by analysis Thursday.<\/p>\n<p>Macro cues had lessened following the United States Federal Reserve rate hike confirmation, with a lack of new triggers from Europe steadying markets overall.<\/p>\n<p>For popular trader Crypto Ed, the next few days should see either a continuation to a target zone of $43,000 or a breakdown of the current trend.<\/p>\n<p>Analyzing his Elliot Wave setup for the 4-hour BTC\/USD chart. However, he noted that the cycle was \u201cstill bearish\u201d prior to a range high of $45,000 being broken \u2014 something which could happen after another few consolidatory moves in between.<\/p>\n<p>Those moves, specifically a strong bounce during the retracement, \u201cwould be my signal to go long,\u201d he said in a YouTube update on March 17.<\/p>\n<p>Other participants were increasingly bullish on the outlook, too, with Twitter trader Zima even highlighting a long-term trend breakout for on-balance volume (OBV).<\/p>\n<p>As Cointelegraph previously reported, increasing OBV reflects growing demand for an asset at the current traded price. For Bitcoin, the time appeared to be the night for exiting a sideways price zone in place since as far back as January 2021.<\/p>\n<p>\u201cI haven\u2019t moved a single line on my OBV since I started tracking the move 8 weeks ago,\u201d Zima commented. <\/p>\n<p>\u201cWe have broken out of the wedge to the top side and are flipping the 20 day OBVMA. We are on the cusp of a multi month bullish continuation after a year of crab.\u201d<\/p>\n<p>Fellow account Allen Au added to the optimism, eyeing a potential move out of Bitcoin&#8217;s 2022 range with $46,000 as its top.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC is on the verge of breaking out to the upside as confirmed by technical indicators.<\/p>\n<p>It&#8217;s trading inside an Ascending Parallel Channel w\/ resistance at $45K-$46K &amp; support at $35K-$36K. But ST in apattern. <\/p>\n<p>If BTC breaks out of both patterns:<\/p>\n<p>T1: $49K-$52K<br \/>T2: $57K-$59K pic.twitter.com\/GyzgYujEuh<\/p>\n<p>\u2014 Allen Au  (@AllenAu11) March 17, 2022<\/p>\n<h2>Lightning Network reaches new capacity highs<\/h2>\n<p>The week came with a new achievement for Bitcoin network growth, notably the Lightning Network, which passed\u00a03,500 BTC capacity.<\/p>\n<p><em><strong>Related:\u00a0Bitcoin faces new \u2018milestone\u2019 in 2022 as new forecast predicts BTC price \u2018in the millions\u2019<\/strong><\/em><\/p>\n<p>Part of the so-called \u201clayer 2\u201d technology on Bitcoin, Lightning allows instantaneous off-chain transactions to be sent <em>en masse<\/em> at practically zero cost.<\/p>\n<p>The technology has been in place for several years, and has quietly grown behind the scenes to cater to increasing volume and mainstream consumers.<\/p>\n<p>\u201cDon\u2018t sleep on the Lightning Network, which continues to grow at an impressive pace,\u201d on-chain analyst Dylan LeClair commented on the statistics.<\/p>\n<p><em>Lightning Network capacity (in BTC and USD terms) chart. Source: Bitcoin Visuals<\/em><\/p>\n<p><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\/bitcoin-holds-40k-as-on-balance-volume-hints-at-multi-month-btc-price-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) narrowed its consolidation range on March 18 as the TradFi trading week looked set to end with $40,000 still in place. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Traders patiently await paradigm shift Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD preserving $40,000 support overnight and with it, the area highlighted as \u201ccrucial\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2750","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\/2750","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=2750"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2750\/revisions"}],"predecessor-version":[{"id":2752,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2750\/revisions\/2752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2751"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}