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BTCUSD price growth has slowed down

3/27/2023 1:32 PM

The BTC/USD pair is moving in a short-term uptrend but last week the dynamics slowed down.

The quotes were testing 28125.00 (Murrey level [6/8]) but failed to consolidate above it. The loss of growth momentum is due to two main factors – a decrease in investor anxiety about the state of the global banking system and increased pressure on the digital sector from US regulators. The rhetoric of the authorities that nothing threatens the financial system of the US and the EU, combined with partial compensation of deposits and promises to assist creditors if necessary, gradually returned confidence and demand for fiat currencies to the market, which negatively affected the price of BTC.

The US Securities and Exchange Commission (SEC) has launched an attempt to increase pressure on leading digital companies, accusing them of distributing unregistered securities. So, officials began an investigation into the launch of certain products by the Coinbase cryptocurrency exchange, in particular, Coinbase Prime, Coinbase Wallet, and the Coinbase Earn staking service. In the future, this may lead to a new lawsuit if the regulator reveals a violation of national legislation. Coinbase management stated that it is ready to defend its position in court and that these services do not constitute an offer of securities to the client. The agency also accused Tron founder, Justin Sunm of an unregistered offering of securities in the form of Tron (TRX) and BitTorrent (BTT) tokens, as well as manipulating their trade and stimulating artificial interest in coins. Sun denied all the officials' accusations.

The trend towards tightening control over the digital sector, which emerged after the bankruptcy of FTX, continues, which seriously disappoints investors and members of the crypto-currency community, who expect the authorities not to take repressive measures but to develop clear rules for the sector.

The key “bullish” level is 28125.00 (Murrey level [6/8]), and consolidation above it will give the prospect of further growth to the levels 29687.50 (Murrey level [7/8]) and 31250.00 (Murrey level [8/8], correction Fibonacci 50.0%). If level 26562.50 (Murrey level [5/8]) is broken down, the price may roll back to level 25000.00 (Murrey level [4/8], middle line of Bollinger bands).

Technical indicators are signaling the continuation of the uptrend: Bollinger bands are reversing upwards, and the MACD histogram is stabilizing in the positive zone. Stochastic is still pointing downwards but is trying to reverse.

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

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