After Constant Rejection of Bitcoin(BTC) Price at $42,000, This May be the Expected Quarterly Close!

The post After Constant Rejection of Bitcoin(BTC) Price at $42,000, This May be the Expected Quarterly Close! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The star crypto Bitcoin is only displaying possibilities of flipping the bearish trend sometime in the near future. But woefully, ends up faking out with the breakout which usually ends up in a healthy accumulation. However, with the recent break-out above $41,800, the traders became a little confident but soon after hitting $42,200, they began to extract the profits. Therefore, this uncertainty may prevail until the end of the month, but with certain breakouts, a notable bullish trend may be set up.

The traders are currently pretty uncertain as they fear too long BTC and might have placed their Stop-Loss just before $43,000. And this may be the reason why the asset is facing constant rejections at these levels. And hence the average funding ratio is also dropping with a drop in the BTC price. 

#Bitcoin has fallen back to $40.8k to close the weekend after being as high as $42.2k a day and a half ago. Funding rates have been valuable in identifying when traders are leverage longing, which have generally led to abrupt price corrections. https://t.co/GURhehG13i pic.twitter.com/YQD7bawGm8

— Santiment (@santimentfeed) March 21, 2022

However, the BTC price is slowly consolidating within an ascending triangle and hence a breakout appears to be mandatory. Moreover, the strength is also appearing to have accumulated along with the price as the RSI is also ranging within the same pattern Therefore, a decent uptrend may be a little distinct but imminent. 

#Bitcoin Ascending Triangle & RSI Symmetrical Triangle Update: pic.twitter.com/141ChS4IN8

— Matthew Hyland (@MatthewHyland_) March 21, 2022

Currently, the BTC price is on the verge to slide below $41K, at $41,092 with a slight drop of 0.13%. But the volume has risen by more than 21%. Hence the possibility of a substantial uptrend still hovers around the space. Therefore, as the quarterly close approaches, Bitcoin may uplift close to $43,000 but eventually get rejected, lacking the required bullish momentum,