Today, we will examine Bitcoin price analysis together with you, and we will also touch on a survey about Bitcoin.
Bitcoin Price Analysis
Bitcoin rose 0.06% to a high of $22,427 this morning. Having a mixed start to the day, Bitcoin rose as high as $ 22,469 before falling to $ 22,376.
Bitcoin dropped from $23,476 to $22,325 within hours on March 3 before entering the weekend. Continuing its sideways movement over the weekend, Bitcoin needs to avoid the $22,430 pivot to target the first resistance level at $22.661. A return to $22,500 would signal a bullish session. In the process, crypto news channels and the FED need to have crypto dots. On Tuesday, March 7, that is tomorrow, Fed Chairman Powell will deliver a speech at 18:00. The words that Powell will say in this speech play an important role in the rise of the cryptocurrency.
In the case of an extended rally, Bitcoin will likely test the second resistance level at $22,890 and resistance at $23,000. The third resistance level of the asset is located in the $23,350 region.
A drop from the $22,430 pivot would activate the first major support level at $22,201. However, in case of negative market sentiment and selling pressure in Bitcoin price, Bitcoin price should avoid below $22,000 and $21,970. If the Bitcoin price declines to these levels, the third support level to follow is at $21,510.
A bearish divergence between the 50-days EMA and the 200-days EMA supports a drop towards $22,201 to target support levels below $22,000. However, a move from $22.661 could provide a run towards the $22,890 and $22,920 levels. A move to the 50-day EMA is a bullish signal.
Bitcoin Adoption Increases
Bitcoin adoption is expected to increase by 50% in the next three years, according to a survey of 300 payment leaders in 45 countries by Ripple and the Faster Payment Council on Bitcoin. The report mentions that blockchain technology has emerged as an alternative to costly payment systems in recent years. Again, according to the data presented by the report, transaction volumes in the crypto sector have increased significantly and it is expected that there will be more than 5.5 million crypto payment users in the US alone by 2023.
55600
