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The Bitcoin price has soared in recent weeks. BTC is up almost 24% from the week of March 18, 2022 to the current weekly high. A fresh 2022 high is projected to close above the January open, turning Bitcoin bullish for 2022.
Conclusion
- Bitcoin's success continues to astound bulls and bears alike.
- Monday's price action continued Sunday's bullish closing.
- Traders and investors are on the lookout for indicators of a correction before Bitcoin continues its upward trajectory.
The price of Bitcoin is projected to decline, but it is not a foregone conclusion.
While Bitcoin's price has been steadily rising, both bulls and bears are anticipating a decline in the near future. Although it may not be the case. There is a chance that a daily close of BTC positive for 2022 might lead to a huge institutional shift in Bitcoin's value.
If an instrument is trading above the January open, holdings are generally bought, added and supported. Institutions often look for yearly highs and lows to be formed in January and July. Positions are frequently sold and reduced when an instrument falls below its January open. It's not uncommon for organizations to change the way positions are managed after a ceiling is broken.
In other words, if institutional participation maintains historically usual behavior and positioning, Bitcoin's price may experience a new 'bottom' for 2022 in the $47,500 to $48,000 region until July. In such situation, the $50,000 price zone would serve as the next point of resistance to test.
In order to confirm a shift in institutional orientation, further evidence is required. This week is likely to see some profit taking in the Bitcoin price and the larger cryptocurrency market. The breakthrough of the bear flag around $44,725, where the daily Tenkan-Sen ad 61.8 percent Fibonacci retracement is currently in place, is where Bitcoin price is expected to recover.
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