The daily chart shows that the buyers are pushing the Bitcoin price as the reaction of price from the zone empowers the crypto brokers…
Introduction
The crypto market has not been spared from the high inflation figures and this is putting pressure on cryptocurrencies. Crypto brokers have seen the ETH and Bitcoin price drop at the beginning of April 01, 2022.
The IMF (International Monetary Fund) and FSB (Financial Stability Board) have echoed the acceleration of the crypto adoption rate in the emerging markets in the wake of the war in Ukraine.
BTCUSD: Technical Analysis
Monthly Chart
Monthly Resistance Levels: 69000, 48300.
Monthly Support Levels: 32950, 28600, 34000, 40000.
From the monthly chart, we have seen that the price of bitcoin has not broken out of the range between the high of 48300 and the low of 40000 since the year began. The BTCUSD pair is under the Bears’ control since 01 November 2021, a breakout above the 48300 will favor the Bulls but a close below the 34000 level will strengthen the Bears.
A report from FSB explained that crypto brokers are increasing in the crypto asset market and it’s evolving very fast, a move that could threaten the stability of global finance given the interconnection with traditional financial institutions.
FSB also claimed that it is working with FATF (Financial Action Task Force) in regulating and supervising unbacked cryptos and stable coins also analyzing the financial stability impacts of the DeFi sector that is evolving very fast.
Weekly Chart
Weekly Resistance Levels: 52098, 48234.
Weekly Support Levels: 32950, 28600, 35000.
The bitcoin price is sitting on a confluence zone because of the weekly trendline connecting the supports zones from 2020 September. The weekly candle of 21 Feb 2022 closed in a Doji and the Long position traders took the price up, this week the price tested the zone and the bulls are reacting.
If the bull’s run can breakout above the resistance zone of 48234, the swing will become an uptrend. The Bearish swing of 2021 is still effective, a breakout below will bring a continuation of the bearish trend.
Daily Chart
Daily Resistance 48240, 50500,
Daily Support 40000, 38540, 41500.
The BTCUSD pair started the week in a recovery stage as the price of bitcoin gained on the crypto market. The crypto brokers who bought from the support level of 38540 have sustained the momentum and if the market forces continue to favor the long position traders, the price will retest the resistance zones of 48240 for a breakout or rejection of the price.
Bullish Scenario:
The BTCUSD pair is likely to continue on a bullish scenario this week as the Bulls have dominated the support zone of 38540, if the momentum is strong the rally will be good for the bulls on the daily chart.
Crypto brokers are projecting the uptrend will continue as the bears could not close below the support level. A breakout above 42000 will take the price higher to another zone.
Bearish Scenario:
The Bearish scenario will resume if the price can close below the 38500 level on the daily chart. The previous week favored the sellers as the momentum shifted away from the Buyers when the bearish trend pushed down the bitcoin price from the 48240 zone.
Bitcoin BTC News Events
Can Russia evade sanctions through the mining of Bitcoin?
A report from International Monetary Fund (IMF) states that countries like Russia who are sanctioned could be using cryptocurrency mining to evade sanctions imposed on them for invading Ukraine territory. The sanctions were imposed by the United States and the European Union in the wake of the Ukraine war.
IMF report states that the Russian government will want to use any means or tools to move money outside the traditional financial system. The IMF also gave some examples of tools the Russian authorities might want to adopt, such as crypto exchanges that do not comply with major regulations, DEX [decentralized exchanges], mixers, and platforms that boost anonymity.
Another point noted by the IMF is the use of private cryptocurrencies like (XMR) Monero, which can prevent the tracking of transactions and it could be easier for the Russian government to alleviate the effect of the financial block and sanctions. Russia is among the most sanctioned country compared to North Korea which has over 400 different measures against it.
The report from IMF suggests that the Russian authorities could adopt the mining of cryptos as a way to monetize excess energy resources after its locals have had their fair share of supply.
Conclusion and Projection
The BTCUSD pair on the daily chart shows that the buyers are pushing the Bitcoin price as the reaction of price from the zone empowers the crypto brokers who are long on the trade.
The crypto market will begin to see more countries allocate resources towards mining as a means to evade sanctions leveraging bitcoin’s blockchain among others and consequently allowing countries to monetize energy resources that cannot be exported due to economic sanctions.
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- BTCUSD: Weekly Technical Analysis - September 30, 2022
- BTCUSD: Bulls to Dominate the Zone for the Price to Rise is Expected - September 16, 2022
- BTCUSD: Price of Bitcoin Bounce Expected - September 2, 2022
