Even as the markets suffered the consequences of a major banking crisis in March, Bitcoin managed to gain 23% by the monthly close.
At the moment, Bitcoin is currently encountering strong resistance around the $29,000 mark, yet the price has not declined significantly.
The 20-day EMA is near $27,100, and BTC seems to have flipped the $27,000 - $28,000 zone into support. This shows that buyers are in control.
If the $29,200 barrier is broken, a surge in bullish momentum is expected. A rally towards $30,000 and later $32,500 would not be out of the realm of possibility.
On the other hand, a sharp downturn from the present level could imply that short-term traders are offloading. The BTC/USDT pair might drop to the 20-day EMA, a critical level to monitor.
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