Technical Analysis

BTC/USD Price Analysis – March 30, 2023

By LonghornFX Technical Analysis
Mar 30, 20233 min

Daily Price Outlook

The BTC/USD is currently trading at 28,410.0, experiencing a 4.20% increase within the last 24 hours. Investors have set aside concerns regarding the Commodity Futures Trading Commission's lawsuit against Binance, helping Bitcoin climb back above the $28,000 mark.

Investors Disregard Regulatory Concerns

On March 27, the CFTC filed a lawsuit against Binance, CEO Changpeng Zhao, and Compliance Head Samuel Lim, alleging that the defendants had violated laws governing commodity trading.

The complaint, submitted to the Illinois District Court, accused them of several violations, including illegally soliciting US customers, failing to register their exchange platform, not having a head office, and failing to prevent and identify money laundering and terrorist financing.

Following the announcement, the platform experienced massive withdrawals, with clients withdrawing over $2 billion. However, Changpeng Zhao expressed disappointment and surprise, stating that Binance had been cooperating closely with the agency for the past two years. He disagreed with the claims, citing an incomplete recounting of facts.

Initially, Bitcoin's value dropped following the news of the CFTC filing. Nonetheless, the BTC/USD saw a significant increase on Wednesday as traders were willing to take on some risk and move past their initial concerns about US regulators cracking down on industry giants.

Mercado Libre Extends Crypto Trading to Chile

MercadoLibre, the top e-commerce platform in Latin America, recently announced that its customers in Chile can now trade Bitcoin and other cryptocurrencies. Chilean users can buy, sell, and store Bitcoin through the company's MercadoPago wallet app.

In a LinkedIn statement on March 29, Osvaldo Gimenez, President of MercadoLibre, revealed that MercadoPago is now the first digital account in the country to facilitate such transactions.

The announcement highlights that the initiative aims to decrease Chile's barriers to Bitcoin and cryptocurrency usage. This feature simplifies the process of using Bitcoin, particularly for less experienced users. The approach is anticipated to be highly user-friendly, requiring minimal effort to operate and allowing even beginners to execute their first transaction.

The adoption of cryptocurrencies represents another step forward in the development and expansion of financial services access in Chile and Latin America. As a result, this move positively impacts the BTC/USD value.

 Bitcoin Price Chart - Source: Tradingview

BTC/USD Intraday Technical Levels

Support     Resistance

27516          28908

26689          29473

26124          30300

Pivot Point: 28081

BTC/USD – Technical Outlook

The Bitcoin price has risen above the $28,000 resistance, with BTC bulls aiming for a further surge beyond the $28,500 and $28,800 resistance levels. Bitcoin has experienced a significant increase, surpassing the $27,500 resistance and gaining momentum to break through multiple barriers near the $27,800 and $28,000 levels.

On the upside, the immediate resistance lies around the $28,500 level, with the following significant resistance close to the $28,800 zone.

A successful close above the triangle resistance and $28,800 could propel the price even higher. In this scenario, the price may ascend toward the $29,500 resistance, with further gains potentially leading to a test of the $30,000 resistance zone.

However, a new decline could ensue if the Bitcoin price fails to surpass the $28,500 resistance. Immediate downside support is located near the $28,200 zone or the 23.6% Fibonacci retracement level of the upward movement from the $26,600 swing low to the $28,629 high.


    * EUR/USD Price Analysis – March 30, 2023

    * S&P500 (SPX) Price Analysis – March 30, 2023

    * BTC/USD Price Analysis – March 24, 2023



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