FX.co ★ Technical Analysis of BTC/USD for March 3, 2023

Crypto Industry News:

Despite the difficulties faced by the crypto industry in 2022 and the fact that Bitcoin remains more than 65% off its all-time high of $68,789, there is reason to be optimistic about the future of cryptocurrencies. The results of a recent study by Morning Consult can be optimistic.

The survey found that 80% of American adults are frustrated with inequality in the financial system and believe it favors those with "powerful businesses", with 67% of respondents agreeing that the financial system needs major change or a complete overhaul, while only 4% say that no changes are needed.

An online survey found that the most popular word associations with the global financial system were "expensive" (34%), "injustice" (30%) and "confusing" (30%).

As perceptions of inequality increase, interest in engaging with the crypto ecosystem and owning cryptocurrencies has held steady, with 20% of American adults now owning at least one digital asset.

Technical Market Outlook:

The BTC/USD pair has failed to break above the 50 MA on H4 time frame chart ($23,885), reversed lower and after a short period of a horizontal trading inside a narrow range seen between the levels of $23,044 - $23,885 the bears spiked to the downside. The intraday technical support seen at the level of $23,114 and $22,775 will now act as the technical resistance as the low during the spike down was made at the level of $22,000. The market is now developing the corrective cycle and the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $24,000

WR2 - $23,709

WR1 - $23,535

Weekly Pivot - $23,417

WS1 - $23,234

WS2 - $23, 126

WS3 - $22,835

Trading Outlook:

Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.