Bitcoin Price Technical Analysis 22.03.2023

According to Crypto Analyst Melih, the upcoming USA interest rate decision is a crucial event that could significantly impact the market. Melih suggests that significant news may be necessary to help the market succeed during this uncertain time, as volatility is anticipated.

Following the financial turmoil, Bitcoin’s value surged to $25,200, bolstered by announcements from the United States.

Last week, with the CPI data from the USA, it gained the $25,200 resistance in volume and tested the main resistance region, $28,200-$29,100.

It is a very critical region.
-Crypto Melih

I think because this level worked as support 7 times during the uptrend and with the weakening of the buyers in this region, there was a downward breakdown with volume sales.

This support level, which was lost in June 2022, has been tested again after 9 months. Important news is needed to win this region. I think that the direction will become clear on the chart with the interest rate decision coming from the USA tonight. In a possible pullback, the buyers will again be dominant at the $25,000 levels and will want to test the $29,000 level.

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