Sunday, March 26, 2023
HomeCryptocurrency WalletBitcoin Technical Analysis Report | 13th-March-2023

Bitcoin Technical Analysis Report | 13th-March-2023

Bitcoin is attempting to stay above $20,000 and if successful, tokens like ETH and MATIC could see a strong rally. Traders dumped risky assets after the collapse of Silicon Valley Bank. The S&P 500 Index plunged 4.55% while Bitcoin is down 9% this week. Bitcoin has corrected to the 200-day SMA ($20,389). Buyers are expected to defend the level vigorously as a break below it could intensify selling. The global volume is up by almost 36% in the last 24 hours, while BTC dominance is at 42.29%.

At the time of writing, BTC was trading at $22,350.

Bitcoin (BTC) Chart

BTC after facing strong resistance around the key level of $25,200 (Upper sloping trendline of the channel) witnessed a sharp correction and the prices plunged almost by 22% and made the low of $19,549. However, it gave a close above the psychological level of $20k. Post this move, the asset made a ‘Hammer’ (Red Body Hammer) at the low and rallied up to $22,600.  BTC has a strong support zone from $20,500 to $20,000 whereas $25,200 will act as a strong resistance and to further rally it needs to break, close and sustain above the resistance of $25,250.

Key Levels:

Support 2 Support 1 Asset Resistance 1 Resistance 2.
$17,500 $20,500 BTC $25,250 $28,500

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments