Bitcoin Remains More Than 65% Off Its All-Time High
Aa
Share
Crypto Industry News:
Despite the difficulties faced by the crypto industry in 2022 and the fact that Bitcoin remains more than 65% off its all-time high of $68,789, there is reason to be optimistic about the future of cryptocurrencies. The results of a recent study by Morning Consult can be optimistic.
The survey found that 80% of American adults are frustrated with inequality in the financial system and believe it favors those with "powerful businesses", with 67% of respondents agreeing that the financial system needs major change or a complete overhaul, while only 4% say that no changes are needed.
An online survey found that the most popular word associations with the global financial system were "expensive" (34%), "injustice" (30%) and "confusing" (30%).
As perceptions of inequality increase, interest in engaging with the crypto ecosystem and owning cryptocurrencies has held steady, with 20% of American adults now owning at least one digital asset.
Technical Market Outlook:
The BTC/USD pair has failed to break above the 50 MA on H4 time frame chart ($23,885), reversed lower and after a short period of a horizontal trading inside a narrow range seen between the levels of $23,044 - $23,885 the bears spiked to the downside. The intraday technical support seen at the level of $23,114 and $22,775 will now act as the technical resistance as the low during the spike down was made at the level of $22,000. The market is now developing the corrective cycle and the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $24,000
WR2 - $23,709
WR1 - $23,535
Weekly Pivot - $23,417
WS1 - $23,234
WS2 - $23, 126
WS3 - $22,835
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.
Relevance up to 08:00 2023-03-04 UTC+1 This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
