28.03.202308:31 Forex Analysis & Reviews: Technical Analysis of BTC/USD for March 28, 2023

Crypto Industry News:

The US government, through many of its representatives, has spoken negatively about the cryptocurrency market such as bitcoin countless times. Sam, however, is one of the largest bitcoin giants in the world. As of March 25, 2023, the US government held exactly 205,515 BTC with a total value of $5.6 billion, which is approximately 1.06% of the total circulating supply.

The bitcoins were obtained during the confiscations. One of them took place in November 2020. At that time, US authorities seized 69,369 bitcoin from a Silk Road address from what law enforcement calls "Person X". To this day, her identity remains a great mystery. It is known, however, that the confiscation was carried out at the request of the tax office.

In 2016, as many as 94,636 BTC were seized, which had previously been stolen from the Bitfinex exchange. 34-year-old Ilya Lichtenstein and his 31-year-old wife Heather Morgan were detained in connection with the case. According to the prosecution, they used numerous "sophisticated tools" to launder $ 4 billion.

The latest massive confiscation is already in 2021 and James Zhong's fortune is exactly 51,326 BTC. He was supposed to steal everything from the Silk Road exchange. The Department of Justice explained that law enforcement conducted a search of Zhong's home in Gainesville, Georgia on November 9, 2021. They then took around 50,676.17851897 bitcoins, then valued at over $3.36 billion.

Technical Market Outlook:

The BTC/USD pair has made the local low at the level of $26,650 during the pull-back and since then the market has been moving sideways just below the swing high seen at $28,878. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible, so the bulls are trying again to resume the up trend. In a case of a breakout, the next target for bulls is seen at $32,417. The momentum on the H4 time-frame chart is strong and positive, 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 inside a potential Triangle Pattern structure 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 - $28,346

WR2 - $28,110

WR1 - $27,977

Weekly Pivot - $27,874

WS1 - $27,741

WS2 - $27,638

WS3 - $27,402

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.