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BTCUSD Market Analysis

3/20/2023 2:06 PM

The first cryptocurrency continues to actively strengthen its position against the USD, and is currently in the region of the maximum values since June last year at around 28450.00.

Support for BTC is still denied by two main factors: the instability of the financial system and hints of a departure from the sharp tightening of monetary policy by most of the world's major regulators. The successive bankruptcy of the American banks Silicon Valley Bank and Signature Bank, and then the Swiss Credit Suisse Group, despite all the efforts of the authorities, caused investors to worry about the safety of their capital in the USD and forced them to turn to alternative assets, including precious metals and digital currencies. Experts directly say that the issue of cryptocurrencies, unlike fiat funds, cannot be initiated at any time, so they have great value.

At the same time, global regulators are moving to suspend a serious tightening of monetary policy, which is due to both the desire to prevent excessive pressure on the economy and the beginning of global disinflationary processes. Over the past two weeks, representatives of the Reserve Bank of Australia (RBA), the Bank of England and the European Central Bank (ECB) have announced this possibility. As for the US Fed, this week the regulator will probably still adjust the value by 25 basis points, and not by 50 basis points, as previously predicted, and then also consider the possibility of suspending the cycle of tightening monetary policy. In this case, the positions of the US currency will be under new pressure, and alternative assets will continue to grow.

Technically, the price is trying to consolidate above the level of 28125.00 (Murray level [6/8]) in order to continue rising to the levels of 29687.50 (Murray level [7/8]) and 31250.00 (Murray level [8/8], Fibo retracement 50.0%). The key support zone for the "bears" is 27400.00-26562.50 (Fibo retracement 38.2%, Murray level [5/8]), consolidation below it can cause quotes to move to the area of 25000.00 (Murray level [4/8]) and 23000.00 (Fibo retracement 23.6%, the middle line of the Bollinger Bands).

Technical indicators do not give a single signal: the Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, which confirms the continuation of the upward trend, but the Stochastic may soon leave the overbought zone and form a sell signal.

Resistance levels: 28125.00, 29687.50, 31250.00. | Support levels: 26562.50, 25000.00, 23000.00.

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