BTC Price Prediction for March 30
According to experts, bitcoin seems to be in the overbought zone. Price pullbacks are possible, but they are likely to be short.
Currently, the cryptocurrency is in the resistance zone at the level of $48-$51 thousand. The RSI on the chart is negative, indicating that the digital asset is overbought. Support for the asset price is now at $45,000.
At press time, Bitcoin is trading at $47.58k. The momentum that pushed the price of the cryptocurrency up last week is waning. However, bull traders may attempt to break through the resistance line, which is currently at the 200-day moving average.
Most likely, the cryptocurrency in the near future will be traded near the resistance line with periodic rollbacks. Short-term buyers will try to keep the price above the $45,000 support level.
When talking about Bitcoin, analysts also pay attention to the Bitcoin Miner Position Index (MPI). In recent weeks, this figure has increased, which means that miners are selling cryptocurrency.
The outflow of bitcoins is now higher than usual. This could be an incentive for a Bitcoin bear market. However, it is now also clear that miners are selling bitcoin through OTC transactions.
The flow of BTC to centralized exchanges has not changed since the rise of MPI. Therefore, according to experts, the current increase in the position index of bitcoin miners will have a neutral impact on the BTC price chart.
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