FX.co ★ Bitcoin analysis for March 8, 2022.

Bitcoin is trading again below $39,000 after bouncing higher and creating a double top around $45,300. Price back tested the red broken support trend line which is now resistance. Bulls will need to recapture $40,000 soon, otherwise we should expect a move lower towards $35,000.

Green line - support

Bitcoin bulls are struggling to break above resistance. The $39,000-$40,000 price level has been recently confirmed as a major resistance. Breaking above these resistance levels is what bulls want to see. Until then, price is vulnerable to more downside. Specially if price falls below $36,800, Bitcoin should continue towards $30,000.