FX.co ★ Technical Analysis of BTC/USD for March 14, 2023

Crypto Industry News:

American experts disagree on how bitcoin will behave in the broader perspective after the collapse of Silicon Valley Bank, Silvergate and Signature. Robert Kiyosaki, a well-known author, is of the opinion that "buy as much as possible".

The famous author of the global bestseller "Rich Dad, Poor Dad" reiterated his recommendation to buy more gold, silver and Bitcoin. Kiyosaki also stressed that in the current situation, the Fed will inject a lot of "fake money" into the US economy.

"The bailout has begun. Lots of fake money will be injected into the sick economy. I still recommend the same solution. Buy more gold, silver and bitcoin. Hold on tight. Crash landing ahead," Kiyosaki wrote on his Twitter.

Kiyosaki calls the dollar "fake money" because it is backed by US government credit, rather than being tied to "real money" like gold, as he explained in an earlier statement.

On Sunday, the U.S. Treasury Department, the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement saying depositors of Silicon Valley Bank and Signature Bank will have access to all of their money and will not suffer any associated losses.

Technical Market Outlook:

The BTC/USD pair has made a dynamic and aggressive reversal from the yearly low located at the level of $19,572 and is currently approaching the monthly and weekly high seen at $25,257, which is the next target for bulls. Because this is the key short-term technical resistance, any sustained breakout above this level will change the mid-term sentiment on the cryptocurrency market for more bullish. The momentum on the daily time frame chart remains positive, which supports the short-term bullish outlook for BTC, however the market conditions seems to be extremely overbought now, so a pull-back towards the intraday technical support is welcome.

Weekly Pivot Points:

WR3 - $24,010

WR2 - $23,176

WR1 - $22,860

Weekly Pivot - $22,341

WS1 - $21,967

WS2 - $21,506

WS3 - $20,672

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.