Bitcoin Technical Analysis Report | 13th-March-2023

Bitcoin is attempting to stay above $20,000 and if successful, tokens like ETH and MATIC could see a strong rally. Traders dumped risky assets after the collapse of Silicon Valley Bank. The S&P 500 Index plunged 4.55% while Bitcoin is down 9% this week. Bitcoin has corrected to the 200-day SMA ($20,389). Buyers are expected to defend the level vigorously as a break below it could intensify selling. The global volume is up by almost 36% in the last 24 hours, while BTC dominance is at 42.29%.

At the time of writing, BTC was trading at $22,350.

Bitcoin Chart_13th March 2023
Bitcoin (BTC) Chart

BTC after facing strong resistance around the key level of $25,200 (Upper sloping trendline of the channel) witnessed a sharp correction and the prices plunged almost by 22% and made the low of $19,549. However, it gave a close above the psychological level of $20k. Post this move, the asset made a ‘Hammer’ (Red Body Hammer) at the low and rallied up to $22,600.  BTC has a strong support zone from $20,500 to $20,000 whereas $25,200 will act as a strong resistance and to further rally it needs to break, close and sustain above the resistance of $25,250.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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