Bitcoin Technical Analysis Report | 20th-March-2023

Bitcoin, ETH, BNB, STX, and IMX are holding up firmly on the charts, increasing the likelihood of further short-term gains. BTC is on track to close the week with gains of over 23%. The banking crisis in the United States and Europe seems to have fueled buying of Bitcoin, suggesting that the leading crypto is behaving as a safe haven in the near term. All eyes are on the March 21-22 Federal Reserve meeting. The global volume of the asset has increased by over 33% in the last 24 hours while dominance is at 45.9%.

At the time of writing, BTC was trading at $27,455.

Bitcoin Chart | 20th March 2023
Bitcoin (BTC) Chart

BTC after making a ‘Hammer’ candle at the recent low of $19,549 rallied almost by 45% within ten trading sessions and made the high of $28,390. As mentioned in our previous reports that $28,500 will be a strong resistance, the markets behaved in line with our prediction and corrected almost by 4% after the asset touched the key resistance level. To witness further rally the asset needs to break, close and sustain above $28,500. Once the bulls can do this, we can expect the prices to surge up to the next resistance, which is at $32,500.

Key Levels

Support 2Support 1AssetResistance 1Resistance 2.

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