Bitcoin prices saw a 22% increase in March, rising from $23,450 to over $28,500 at the end of the month, with the latest bullish candle resembling the one for January, setting up the next major move for the asset, according to market analysts. The daily trend support for BTC is at $22,500, which might serve as an anchor for many traders, increasing the chances that BTC will gravitate towards the 200-day average price. Consolidation inside the $26,500 to $29,300 range may be associated with a continuation pattern. Bitcoin is currently trading at $27,786 on CoinGecko, with resistance to the upside around $29,000 to $29,500 and lower support levels a little over $27,000. There are further indications that BTC prices could increase as prices crossed a 21-day exponential moving average indicator and the EMA21 is about to cross the smoothing line, which only happened in 2015 and 2019, both times when the big bull run began.
In the short term, crypto markets have declined 1.9% on the day, with total capitalisation falling to $1.2 trillion on CoinGecko. Bitcoin and Ethereum are leading losses at $28,000 and $1,778, respectively. Altcoins are all in the red today with DOGE, SOL, DOT, SHIB, and AVAX seeing heavier losses of over four percent.
