FX.co ★ Technical Analysis of BTC/USD for March 10, 2022

Crypto Industry News:

The European Union explained that the sanctions imposed on Russia and Belarus cover cryptographic assets.

In Wednesday's statement, the EU said cryptocurrencies fell into the "transferable securities" category and therefore clearly fell under the sanctions imposed on Russia for invading Ukraine and Belarus for its involvement.

"Today's package makes it clear that crypto assets fall under the" transferable securities "scope. It has been, but today's text clarifies the point. It also confirms the common understanding that loans and credits also include crypto assets," an EU official said.

The EU also announced that the existing financial restrictions would be extended to Belarus to reflect those already in place in Russia. These include sanctions in the provision of SWIFT services to three Belarusian banks and their subsidiaries, a ban on transactions with the Central Bank of Belarus, and a ban on the listing of securities for Belarusian state-owned shares in EU trading venues.

US lawmakers have voiced concerns that cryptocurrencies could be used by Russia as a means of avoiding sanctions, but the extent of this is debatable.

Technical Market Outlook

The BTC/USD pair had been rallying back above the level of $40k and a new, local high was made at $42,607, but the rally was capped at the 61% Fibonacci retracement of the last wave down and the market has returned below $40k again. The nearest technical support is seen at the level of $39,554 and $37,009. Only a sustained breakout above the supply zone located between the levels of $44,875 - $45,826 would change the outlook to more bullish in the near term.

Weekly Pivot Points:

WR3 - $50,991

WR2 - $48,083

WR1 - $42,916

Weekly Pivot - $40,144

WS1 - $35,041

WS2 - $32,033

WS3 - $26,666

Trading Outlook:

The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The level of $45,427 is the 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, otherwise the bearish pressure might push down the BTC towards the level of $29,254.