By Hassan Mehmood (Saudi Arabia)
The high ground for Bitcoin appeared back in February when the cryptocurrency did manage to reach an all-time high of $58k. But soon after that began the unwanted cycle of an immense single day and weekly drops by Bitcoin that wasn’t simply what the crypto market or financial investors involved might have intended. It had to drop back to $43k and then began the worst few days in the history of Bitcoin, with rebounding taking place close to $50k and then dropping to a low $40k+.
This dance continued until yesterday when Bitcoin did push the throttle hard and reclaimed its seat at $52k, and it was supposed that this uplift might continue around $55k, being the higher limit and the $52k as the minimum resistance which Bitcoin had to break. But according to the current trends depicted on a data chart, Bitcoin failed to break the $52k resistance and is now once again entitled to a freefall.
Now the support zone for Bitcoin rests in between $48.3k and $48.8k, and it must hold onto this support zone if the $52k zone is to be tested once again.
March is not the Prettiest Month for Bitcoin in General
Given the historical charts and analysis, March is never the most lucrative month for Bitcoin at all. The recent data also depict weakness around the same time of the year. This year, the same is happening, with the bullish run nearing its end with no break happening above the $52k; this is a problem and a sight to worry about because if another freefall happens, then who knows how much time it would take to return the balance. The ten-year yield regarding Bitcoin and gold has reached its maximum, which is causing the investors to run out of the assets such as Gold and Bitcoin to invest in, thus the overall weakness taking the market into its grip.
As of today, it has to hold the proposed $48.3k-$48.8k limit if the bullish trend is to return and its price is to hit once again closer to the $52k range or above. Currently, the crypto market is neither stable nor in a tumble; it exists somewhere in between, and a slight jolt can either make or break the game at this point.
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