Analysing Bitcoin $BTC price action

Hi everyone. I am back with another blog where I will cover current Bitcoin price action along with the monthly closing of Bitcoin. I hope you guys are in decent profit as all the signals I shared in my recent blog posts are in 25% + profit from our buying zone. And, in the end, I will share an altcoin buy call signal in pair of BTC.

Bitcoin on exchanges hit a new low in March, after hovering at around the same level since Sept 2021.

One of the key drivers behind the record new low for Bitcoin on exchanges might be the continuation of Russia and Ukraine conflict, as the BTC adoption continues.

🔶Bitcoin price started a minor downside correction after it got a rejection from $48000. BTC corrected lower and traded below the $47,500.

🔶Today was the monthly candle closing and if we see history March candle closes in negative. So history was to be repeated, we could have seen minor correction in the market.

🔶The next major hurdle on the upside is near the $49,200 level. Any more gains could send the price towards the major resistance level of $50k

Ethereum $ETH exchange net outflow is back.

This came after the largest net inflow period for $ETH since May 2021, as ETH price dropped below $3k, which was a worrying sign.

Now the large regular netflow we are used to seeing for ETH this cycle has returned. Bullish sentiment is back.

🔶Miner Outflows

Miner outflows going higher. Moving into exchanges for possible selling. Watch the 50k resistance.

As I already informed in last update we will see a minor correction in the market because of month-end.

Monthly candle closing is very important for Bitcoin and altcoins.

If BTC closed above $46000, it would have been good for this month and we could have seen more upward movement.

Bitcoin daily chart.

Bitcoin hourly support and resistance chart.

2017 Post Top vs. Current Cycle.

As I told you guys, we will see a correction in the market because of month-end and as per my prediction same thing happened.

We can expect good movement in April month because there are some important Bitcoin events this month. Also, Bitcoin holding above the top of the Gaussian Channel and it turned green which is a bullish indication.

The March monthly candle closed above 45,500 which is not bad. Bitcoin needs to reclaim its position above 46,000 to gain bullish momentum.

For the 8th consecutive day, Bitcoin has closed above 1.0, after flipping bullish on this metric for the first time since Dec 3th, 2021

🟩Bullish = Greater than 1
🟥Bearish = Less than 1

🟨2.23 = Currently

This was all the update regarding Bitcoin price action with reference to the on-chain data. Now, as I mentioned earlier, I am sharing an altcoin buy call signal in the pair of BTC.

Bread (BRD) is a global company that aims to bring blockchain-enabled financial services to the mobile generation

BRD/BTC Holding is above its major support zone from where we can expect a good bounce. Looking good to buy. You can take entries in parts.

Buying Range - 600 SATS - 617 SATS

Target Points :

TP 1 - 650 SATS

TP 2 - 690 SATS

TP 3 - 720 SATS

TP 4 - 760 SATS

Stoploss - If the daily candle closes Below 570 SATs