Bitcoin (BTC) Perpetual Swaps Hit 3-Month Peak; A Move to $45K?

The largest crypto witnessed volatility within the previous two months amid geopolitical tensions between Russia and Ukraine. The retracement printed the prevailing lower low around $33K on 24 January. However, buyers triggered upside moves, translating to a 35% upswing. Nevertheless, $45K remains a formidable resistance for Bitcoin bulls.

Technical Indicators

  • The plunging critical exponential moving averages (20-50-100-200) plus bearish influence reveals a bear dominance. Furthermore, recent actions had sellers reclaiming the 20-day exponential moving average (the current massive resistance).
  • The Relative Strength Indicator slope relapsed from the 14-Simple Moving Average within a pessimistic region, accentuating bearish sentiments.

The latest bearish move from the $45K level had BTC losing two critical support floors ($41.6K and $39.5K. Bitcoin recorded a nearly 19% decline from its swing peak, plunging towards the barrier at $36K.

Sellers accelerated their actions on 24 February, but buyers stepped up, translating to a rejection candlestick closing beyond the $36K level. The resulting rally had BTC gaining 8% to retest the $40K resistance.

Meanwhile, the long-wick candlestick around this resistance shows sellers defending this value area. While publishing this post, BTC trades at $39,179.64, displaying bullish trends.

The currency has to surge past $40K for steady upswings in the near term. Sustaining its actions beneath this psychological level might drag Bitcoin lower to the support of $36K. That will show bulls’ exhaustion, risking downside continuation.

Resistance areas – $39,640 and $44,650

Support zones – $36,372 and $30,000

Bitcoin On-Chain Data Analysis

IntotheBlock’s GIOM model shows 61.95% of BTC addresses enjoy profits. Contrarily, 33.95% of out-of-money holders experience losses. ‘At The Money’ bunch showed a potential resistance at $39,276. Moreover, another massive cluster sits at $42,626. Such developments show the road with few obstacles is the downside.

Nevertheless, a recent tweet by IntoTheBlock shows BTC perpetual swaps’ trading volume touched a three-month peak past $134 billion on 24 February as Russia invaded Ukraine.

Bitcoin exhibits bullish actions, hovering around the $39K mark. The crypto seems ready for upside actions past $40K. Improved market sentiments remain vital for Bitcoin to overcome obstacles plaguing its upside path.