empty
13.03.2023 02:03 PM
Bitcoin won back Friday's fall and recovered above $22k: should we expect further growth?

After a brief consolidation early last week, the cryptocurrency market has made several impulse price movements. The spikes in volatility have been linked to macroeconomic developments that continue to keep investors at bay.

Following the results of Thursday and Friday of last week, Bitcoin made a downward breakdown of the $22k level and reached the level of $19.6k. Subsequently, we saw a quick consolidation and a strong reaction from buyers, which led to the full recovery of Friday's price drop.

This image is no longer relevant

Bitcoin is approaching the new trading week on a bullish note and increased buying volumes. It is likely that the cryptocurrency and the entire market will continue its upward movement, but the fundamental background remains tense.

Fundamental news background

The main factor that provoked a surge in volatility was liquidity problems at the crypto-friendly bank Silicon Valley. The likely collapse of the large bank hit one of the largest stablecoins USDC, as well as DAI, which caused a local panic in the crypto market.

This image is no longer relevant

The Fed, together with the U.S. Department of Treasury, announced emergency support for deposits for SVB and other banks in a difficult situation. The probable cause of liquidity problems for banks may be the Fed's hawkish policy, which contributed to a decrease in the yield of bonds purchased at a neutral rate.

This image is no longer relevant

This means that in particularly difficult times, banks can rely on much smaller amounts of liquidity than they initially had due to the rapid deterioration of the monetary situation. CNN analysts believe that U.S. banks have unrealized losses of $620 billion.

At the same time, there are relatively positive signals from the labor market, where the reality turned out to be worse than forecasts for the first time in a long time. As a result, BBG reports that the latest unemployment report pushed the likelihood of a 0.50% rate hike in March down to 50%.

This image is no longer relevant

This news is "positive" only in quotes, because everything that happens has one key reason—inflation. And if the indicator does not fall significantly by the end of February, then the situation in both the U.S. economy and the crypto market will deteriorate significantly.

BTC/USD Analysis

Bitcoin managed to defend the key support level of $20k and recover above $22k. This is a positive signal indicating the general stabilization of the situation and the fundamental interest of investors in the cryptocurrency.

Despite the temporary easing of pressure on the crypto market, BTC remains in close relationship with the SPX index. JPMorgan analysts are sure that in the next three months the stock market may lose about 20% of capitalization, and Bitcoin will expect similar dynamics.

This image is no longer relevant

Successfully raising liquidity below $22k has accumulated over $500 million in liquidated positions in less than a week . This allowed the buyers to consolidate above the key $21.6k resistance level.

This image is no longer relevant

The asset returned to $22.4k and is trying to resume its upward movement to the $22.6k–$22.8k levels for further consolidation above $23k. However, as of writing, BTC was facing strong seller resistance, as evidenced by a large upper wick.

This image is no longer relevant

The 4H chart shows that the sellers have seized the initiative locally, and therefore, the buyers will try to stabilize the price near the $21.6k–$22k levels. Bitcoin needs a pause to accumulate volumes, so in the near future, we should expect local consolidation near $22k.

Results

The situation on the crypto market returned to normal after the panic that arose at the end of last week. The fundamental threat remains, and in the long run, U.S. government agencies will not be able to put out all the fires. Given this, we should expect further bursts of volatility and sharp price movements within a wide area of $20k–$24.4k.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Análisis del par BTC/USD. El 27 de marzo. El Bitcoin no tiene potencial de crecimiento

La estructura de ondas del gráfico de 4 horas para el instrumento BTC/USD es completamente comprensible. Después de completar un tramo ascendente de la tendencia, compuesto por cinco ondas completas

Chin Zhao 08:25 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 27 de marzo

El Bitcoin y Ethereum vuelven a enfrentar ciertas dificultades para subir. Pero esto es más bien una reacción a las nuevas declaraciones políticas de Trump, lo que llevó

Miroslaw Bawulski 07:28 2025-03-27 UTC+2

BCH/USD – situación actual y perspectivas

Los sentimientos de duda e incertidumbre de la semana pasada se mantienen hasta ahora. La atracción del nivel final del cruce mensual de Ichimoku (329,98) sigue manteniendo al mercado dentro

Evangelos Poulakis 07:10 2025-03-27 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 26 de marzo

El Bitcoin y Ethereum continúan mostrando un crecimiento activo, pero también enfrentan dificultades al superar niveles importantes de resistencia. Ayer, el Bitcoin, tras alcanzar los $88 400, retrocedió y actualmente

Miroslaw Bawulski 07:32 2025-03-26 UTC+2

El Bitcoin se estanca antes de un nuevo impulso por encima de los $90 000

Mientras estás pensando si comprar Bitcoin o no, el mayor gestor de activos del mundo, la empresa BlackRock, está aumentando activamente sus reservas de ETH para su fondo tokenizado BUIDL

Jakub Novak 07:32 2025-03-26 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 25 de marzo

El Bitcoin y Ethereum lograron actualizar niveles bastante importantes, pero una vez más no pudieron mantenerse por encima de ellos. El Bitcoin, tras alcanzar el nivel de $88 600, retrocedió

Miroslaw Bawulski 07:48 2025-03-25 UTC+2

Por qué la caída de Bitcoin aún no ha terminado

A pesar del reciente crecimiento del mercado de criptomonedas, por ahora las perspectivas alcistas más amplias y el regreso del Bitcoin al nivel de $100 000 siguen siendo poco realistas

Jakub Novak 07:48 2025-03-25 UTC+2

Recomendaciones de trading en el mercado de criptomonedas para el 24 de marzo

El Bitcoin y Ethereum han mostrado un crecimiento bastante sólido hoy después de un fin de semana algo apagado, lo que indica una creciente disposición de los inversores al riesgo

Miroslaw Bawulski 08:41 2025-03-24 UTC+2

El Bitcoin y Ethereum muestran señales de reactivación

El Bitcoin y Ethereum han retomado su crecimiento tras una pausa tomada por los traders durante el fin de semana. Sin embargo, aún es prematuro hablar del desarrollo

Jakub Novak 08:41 2025-03-24 UTC+2

Análisis del par BTC/USD. El 24 de marzo. El Bitcoin continúa en corrección

La estructura de ondas en el gráfico de 4 horas del instrumento BTC/USD es completamente clara. Después de finalizar una fase de tendencia alcista compuesta por cinco ondas completas, comenzó

Chin Zhao 08:41 2025-03-24 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.