BTC Price Rallies to the Upside as Bitcoin Surges to $45K – March 24, 2022
Since March 16, BTC/USD has been trading above the moving averages as Bitcoin surges to $45K. For the past week, buyers have been able to hold above the moving averages but could not break the resistance level at $43,333 high. Bitcoin is trading at $42,963 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the retracement on March 21, BTC price rebounded above the current support to break the initial resistance at $42,424 . The current uptrend has been hampered at the resistance of $43,333. According to the price indicator, if the bulls break this recent high, Bitcoin will rally to the $45,400 overhead resistance. Buyers will face stiff opposition at the overhead resistance.
Nonetheless, if the bulls overcome the overhead resistance, a rally to $50,000 high is expected. However, if Bitcoin face another rejection from the overhead resistance, the market will decline above the moving averages. BTC/USD will commence a range bound move if BTC price holds above the moving averages. On the other hand, the largest cryptocurrency will plunged to $37,000 low if price breaks below the moving averages.
“Malaysia Has No Plans To Recognize BTC as Legal Tender”, by Mohd Shahar Abdullah
The Ministry of Finance of Malaysia has jettisoned the idea of adopting cryptocurrencies like Bitcoin (BTC) as a payment method following recent crypto-friendly proposals by the deputy communications minister. Countries like Indonesia and Malaysia have not banned crypto trading but have declined to adopt crypto for payments. According to the deputy finance minister, Mohd Shahar Abdullah, Malaysia has no policy to adopt BTC as legal tender. Following Bloomberg report: “Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations,” Mohd Shahar declared, citing risks like volatility and potential cyber threats. Instead of adopting cryptocurrency for payments, Malaysia will continue to focus on the potential development of the central bank digital currency (CBDC)”.
Meanwhile, BTC price has broken the resistance at $43,333 as Bitcoin surges to $45K. Buyers are pushing the crypto to retest the $45,400 overhead resistance. It is not clear the extent of the bullish momentum as the cryptocurrency reaches the overbought region of the market.
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