Week 11 BTC Bitcoin Analysis

by Mar 13, 2023Bitcoin Weekly Analysis, Weekly Analysis0 comments

According to the previous week’s analysis, in Week 11 BTC Bitcoin Analysis Bitcoin has corrected to the $20,000 range.

Although many experts attribute this correction to the events at SVB Bank and the consequent depegging of stablecoins, this correction was perfectly expected from a technical and statistical standpoint.

The crypto market is currently confronting two significant causes, each of which can potentially affect the market’s direction: fundamental issues and the global economy, particularly the United States.

Fundamental factors like the position of stable currencies and the insolvency of crypto firms pose a danger to the industry. The Federal Reserve, on the other hand, raised the interest rate to 0.5%. Whether the Federal Reserve will do this is a specific issue that will be explored in a separate post, but these are the present market risks.

BTCUSDT for Week 11 BTC Bitcoin Analysis

Technically, for Week 11 BTC Bitcoin Analysis, Bitcoin is on decent support but has lost the $23,000 support, a significant resistance for Bitcoin. This Week 11 BTC Bitcoin Analysis, Bitcoin returns to the $23,000 range before continuing its corrective movement to the $19,000 area. Traders should remember that the market’s downward trend is not done, and there is a risk of lower floors in the medium term, so they should be extra cautious while gathering the spot portfolio for investment.

See also  Week 11 Altcoins Analysis

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