Bitcoin rallied, but analysts say it’s ‘more of the same’ until $46K becomes support

Published 03/09/2022, 05:30 PM
Updated 03/10/2022, 05:20 PM
© Reuters.
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"Volatility" is the word of the month, and that is exactly what cryptocurrency investors saw today when Bitcoin (BTC) rallied after concerns over the Biden administration's executive order on crypto turned out to be a "nothingburger."

Data from Cointelegraph Markets Pro and TradingView shows that, after trading near the $39,000 mark for the past few days, the price of Bitcoin spiked 10.42% to an intraday high of $42,606 as cautious traders flooded back into the market.

BTC/USDT 1-day chart. Source: TradingView
Upper and lower trend support bands for Bitcoin. Source: Twitter (NYSE:TWTR)
BTC/USD 4-hour chart. Source: Twitter
BTC/USD 12-hour chart. Source: Delphi Digital
BTC/USD 1-week chart. Source: Twitter

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