BTC/USD – The Bitcoin Pair May See A Bearish Breakout Soon

March 29, 2023
Forex News

Table of Contents

Bearish View

  • Take Profit – 25,260
  • Stop Loss – 28,000
  • Timeline: 1-2 days

Bullish View

  • Buy Stop – 27,800
  • Take profit – 28,800
  • Stop loss – 26,000

On the price charts, we saw the Bitcoin pair forming a small bearish flag pattern which is signalling the possibility of a bearish breakout happening for the pair. The pair was actually stuck in a tight range for the last few days but we saw a little movement happening as the pair went below the 25-period MA. It also moved beneath 28,885, key resistance level as the RSI and MACD were seen creating a bearish flag pattern. But the bearish view won’t be valid if you see a further movement crossing the key resistance level at 28,000.

On a fundamental level, the cryptocurrency market is experiencing some chaos as a result of the regulatory concerns surrounding the crypto sector. The elevated levels of inflation and the possibility of the Fed maintaining a hawkish tone for the next months are also affecting the pair’s price. We also witnessed the Bitcoin price getting impacted by the situation of the US stock market with major indices like Dow Jones, Nasdaq 100, and S&P 500 experiencing a fall by 0.20% following the release of strong consumer confidence data from the US. The banking crisis seems to be subsiding for the investors.

Author Amsterdam