The upward drift in the prices of Bitcoin continues with the largest cryptocurrency trading at $4,020 according to the press time. Bitcoin has somehow managed to stay above the level of $4,000 which is considered as a positive signal by analysts and experts across the crypto industry. However, it is also being speculated that recovery for Bitcoin will not be considered to have started until and unless it breaks through the level of $4,200. One also need to keep in mind that the upcoming trading sessions might be more volatile given the fact that we are approaching expiration day for Bitcoin futures on CME’s month of March. Trading is going to terminate at around 4 PM GMT, and the probability is high that an exciting weekend in terms of volatile trading session is on us. What has made things even more interesting is the fact that CBOE had already announced that it wouldn’t be going to launch Bitcoin futures on its platform this month.
In terms of technical analysis, if BTC/USD manages to move and sustain above $4,040-50, we could witness the cryptocurrency breaking the resistance level and go beyond its February month high of $4,186. On the flip side, local support for the cryptocurrency is pegged at the level of $4,000 which is further followed by $3,978. If the latter gets out of the way, we could see the downside plunging to the level of $3,900. Despite all these speculations and conjecturing, the valuation in the crypto market seems to have entered a very exciting phase, and a bit of extra positive momentum in the prices could help to generate bullish sentiments in the market.