FX.co ★ Technical Analysis of BTC/USD for March 3, 2022

Crypto Industry News:

A dozen or so percent increase in the Bitcoin rate (the cryptocurrency currently costs $ 44,000) dragged the entire market with it. This was enough for the total capitalization to exceed $ 2 trillion.

The current market cap of Bitcoin is $ 835,614,643,661. Thus, the oldest cryptocurrency is worth more than the Russian ruble, which is losing its value every day. The current price of the RUB is $ 0.0098 with a capitalization of approximately $ 625 billion.

Technical Market Outlook

The BTC/USD pair has been rallying above the level of $40k and made a local high at the level of $45,320. The next target for bulls is seen at the level of $45,347 and at the swing high located at $45,826. Currently, the bulls are pulling-back from the highs after the Pin Bar candlestick was made at the H4 time frame chart. The immediate technical support is seen at $41,531. The strong and positive momentum supports the short-term bullish outlook on BTC.

Weekly Pivot Points:

WR3 - $49,623

WR2 - $42,432

WR1 - $40,007

Weekly Pivot - $37,159

WS1 - $34,592

WS2 - $31,509

WS3 - $29,166

Trading Outlook:

The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.