FX.co ★ Technical Analysis of BTC/USD for March 23, 2022

Crypto Industry News:

The total cryptocurrency market capitalization surpassed $ 2 trillion again. This was caused by large increases in the rates of popular cryptocurrencies.

During the week, BTC gained 7.5%, bringing the current price to $ 42,111. ETH did even better, increasing by 16%, leading to over $ 3,000.

According to blockchain data, within 24 hours, global capitalization increased by 2.7% and now amounts to USD 2 011 957 809 227. A similar situation occurred on March 2, when the crypto market capitalization exceeded $ 2 trillion, and one Bitcoin cost around $ 44,000.

Technical Market Outlook:

The BTC/USD pair continues to move higher and the technical resistance located at the level of $42,607 had been violated. The next target for bulls is the big supply zone located between the levels of $44,785 - $45,823. The market is trading inside the ascending channel and as long as the price stay inside the channel and above the technical support seen at $44,407 - $44,123 the outlook remains bullish. The strong and positive momentum supports the view.

Weekly Pivot Points:

WR3 - $48,672

WR2 - $45,530

WR1 - $43,812

Weekly Pivot - $40,165

WS1 - $38,913

WS2 - $35,770

WS3 - $33,971

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.