Bitcoin Price Technical Analysis 23.03.2023

After the yesterday’s interest rate decision announcement, and the subsequent SEC news, Bitcoin retreated to the intermediate support level of $26.760.

Bitcoin retreated to the intermediate support level of $26,760 following yesterday’s interest rate decision announcement and subsequent SEC news. At the same time, the GAP I mentioned in the $BTC.1 futures chart I shared yesterday has been filled.

The price is now back at the resistance level with the reaction it received from the support. Closing above $29,000 is crucial for the continuation of the uptrend. If it doesn’t close above this level, downward movements may occur to collect more liquidity.

Based on the current outlook, I think the safest buying areas are at the $23,850 support, which would clear the liquidity zones I’ve marked on the chart, in case of a retest or a possible pullback after a close above $29,000 for new purchases.

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