23.03.202309:51 Forex Analysis & Reviews: Technical Analysis of BTC/USD for March 23, 2023

Crypto Industry News:

The White House released its economic report. In it, he referred to the topic of cryptocurrencies, but covers various topics, including the war in Ukraine, the coronavirus pandemic, infrastructure and employment issues in the US. However, there is also the topic of bitcoin and altcoins.

Thanks to the document, we learn that the administration of Joe Biden views cryptocurrencies as highly volatile assets that are "mainly speculative investment instruments" and do not serve as units of account. It was further added that cryptocurrencies do not work as a medium of exchange due to their limited adoption and high exchange rate volatility. The White House also notes a contradiction. Cryptocurrencies are seen both as a form of money and as investment tools.

According to US officials, stablecoins are no exception to the above. The failure of the Terra project was cited as an example. In addition, it added, such initiatives could potentially "disturb financial stability."

While the White House acknowledges that distributed ledger technology (DLT) is a significant advance in computing, it also notes that its "economic benefits" are limited.

The authors of the report also criticize Web3, calling the whole phenomenon "the so-called new Internet".

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $28,878 and reversed 7% after the FED interest rate decision hit the financial markets. The local low was made at the level of $26,650 so far, but the mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible. The momentum on the H4 time-frame chart is neutral after the drop, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated (no daily candle close below this level). Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.

Weekly Pivot Points:

WR3 - $29,430

WR2 - $28,530

WR1 - $28,076

Weekly Pivot - $27,630

WS1 - $27,176

WS2 - $26,730

WS3 - $25,830

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.