BTC/USD: the uptrend is not broken

Current trend

Last week, the BTC/USD pair was correcting downwards, reaching 43120.00 and having lost about 32.5% in value. Experts attribute the current decline to speculative activity, since the general positive factors for the market, associated with the soft monetary policy of global regulators and the probable inflation rise, remain in force.

Observers note that large companies’ interest in BTC remains, but few are ready to invest in the asset so far, which is holding back the start of a new price rise. According to February survey by Gartner Research, only 5% of institutional investors are willing to include digital currencies in their investment portfolio. The rest are constrained by two main factors: insufficient security of digital assets, as well as their unclear legal status and tax regime, primarily in the US.

Support and resistance

The price is approaching the support zone of 43750.00–42000.00 (Murrey [7/8], lower line of Bollinger Bands), a breakdown of which will give the prospect of further decline to 37500.00 (Murrey [6/8]) and 34400.00 (Murrey [–1/8], H4). The key level for the "bulls" seems to be at 50000.00 (Murrey [8/8], center line of Bollinger Bands). If the price consolidates above it, it can return to 56250.00 (Murrey [+1/8]) and 58000.00 (the February highs area).

Technical indicators don't provide a clear signal. Bollinger Bands are directed horizontally, illustrating the uncertainty in the market. MACD histogram is reducing in the positive zone. Stochastic is reversing upwards at the oversold zone.

Resistance levels: 50000.00, 56250.00, 58000.00.

Support levels: 42000.00, 37500.00, 34400.00, 31250.00.