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BTCUSD Remains Under Pressure

11/21/2022 2:57 PM

Last week, the quotes of the BTC/USD pair were mainly trading in a narrow range of 16900.00-16400.00, but currently attempts to reduce have resumed.

The cryptocurrency market was influenced by two opposite factors. The downward price correction was hindered by investors' expectations of a less sharp increase in the interest rate by the US Fed after the start of a slowdown in inflation in the country in October, which should lead to a weakening of the position of the USD against its main competitors, including digital assets. Nevertheless, the factor of bankruptcy of the FTX exchange in the near future is likely to remain dominant. It has already caused a large outflow from the sites of significant funds of investors who have lost confidence in digital assets, and also contributed to the strengthening of the rhetoric of the authorities aimed at increased control over the activities of bidders. In particular, US Treasury Secretary Janet Yellen called for the early development of regulatory rules for cryptocurrency firms. Currently, the direct consequence of the FTX bankruptcy was the loss of funds by millions of creditors, as well as financial problems of more than a dozen large companies, including Galaxy Digital Holdings Ltd., Sequoia Capital, BlockFi, and others.

In general, the negative consequences for the market will persist for a long time and, according to Coinbase experts, may even delay the "crypto winter" until the end of 2023.     

Technically, the price aims towards the level of 15700.00 (the area of annual lows), the breakdown of which will give the prospect of further decline to the levels of 15000.00 (Murray [0/8]), 13750.00 (Murray [-1/8]). In case of a breakout of 17830.00 (Fibo retracement 23.6%, the middle line of the Bollinger Bands), it will be possible to resume growth to the area of 19100.00 (Fibo retracement 38.2%) and 20000.00 (Murray [4/8], Fibo retracement 50.0%).

Technical indicators point out the continuation of the downward trend: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is increasing in the negative zone.

Resistance levels: 17830.00, 19100.00, 20000.00. | Support levels: 15700.00, 15000.00, 13750.00.

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