29.03.202308:45 Forex Analysis & Reviews: Technical Analysis of BTC/USD for March 29, 2023

Crypto Industry News:

MicroStrategy acquired another 6,455 BTC worth approximately $150 million. The founder and head of the company, Michael Saylor, announced the next step of the company on the social network Twitter. Saylor also announced that MicroStrategy has repaid its $205 million loan backed by Bitcoin tokens to failed bank Silvergate.

According to Saylor's tweet, the latest BTC load was purchased at an average price of $23,238 per coin, which is approximately 16.89% lower than the current market price. MicroStrategy currently holds a total of 138,955 BTC worth approximately $4.14 billion. The average cost of each BTC per total holding is around $29,817.

Michael Saylor is known for his enthusiastic public support for Bitcoin and his belief that it is the perfect solution to the world's financial problems. He is often called a "BTC maximalist" and has even organized events promoting the adoption of BTC by famous people and institutions.

Technical Market Outlook:

The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible, so the bulls on Bitcoin are trying again to resume the up trend. In a case of a breakout above the level of $28,878, the next target for bulls is seen at $32,417. The momentum on the H4 time-frame chart is strong and positive, so the resumption of the up trend is still on the table as along as the level of $26,500 is not clearly violated (no daily candle close below this level). Please notice, the market keeps trading inside a potential Triangle Pattern structure on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish. The line in the sand for bulls is seen at the technical support located at $23,926.

Weekly Pivot Points:

WR3 - $28,346

WR2 - $28,110

WR1 - $27,977

Weekly Pivot - $27,874

WS1 - $27,741

WS2 - $27,638

WS3 - $27,402

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.