BTC/USD trades in a 10,000.00 range.

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In mid-February the BTC/USD rate found resistance in the 45,000.00 mark and started a decline. By the end of February, the price found support in the 35,000.00 level and a zone below it. Afterwards, another test of the 45,000.00 level occurred and failed. Namely, the price is fluctuating sideways in a ten thousand US Dollar range between the two mentioned levels. In March, the rate has been mostly bouncing around the 40,000.00 level. The sideways trading around the round level is attributed to the markets awaiting for the US Federal Reserve rate hike that is scheduled for 16.03.2022 18:00 GMT.

In general, the size of the expected US Fed rate hike is set to reveal the future strength or demand for the USD in all transactions that are somehow linked to the US Federal Reserve base interest rate. If the rate hike is higher than the market consensus of 0.25%, which has been previously mentioned by the head of the Fed Jerome Powell, the USD would surge. A surge of the USD is bound to cause a decline of the BTC/USD pair. In the meantime, an announcement of the already priced in rate or no change in the rate might be bullish for the BTC/USD due to a decline of the value of the Dollar.

A potential surge would have to pass above the 40,000.00 mark and the 50-day simple moving average at it, before approaching the 44,400.00/45,600.00 zone. Higher above, take into account the 200-day SMA near 48,700.00 and the 50,000.00 mark.

On the other hand, a decline of the cryptocurrency is most likely going to look for support in the 33,200.00/33,550.00 zone. Further below, note the 30,000.00 mark and the 2021 low level zone at 28,800.00/29,450.00.
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