22.03.2023 09:19 AM
Technical Analysis of BTC/USD for March 22, 2023

Crypto Industry News:

Circle, the company responsible for issuing USD Coin (USDC) and Euro Coin (EUROC) stablecoins, has announced that it intends to expand its operations into France. It applied for the status of a licensed electronic money institution and a registered digital asset service. The supplier (DASP) is subject to the country's strict financial regulations.

If Circle can get full approval from the Autorite des Marches Financiers (AMF), it will become the first company to be fully authorized under DASP regulations.

The move comes as part of Circle's ongoing efforts to expand operations in Europe, which began with the launch of EUROC. Circle now wants to establish France as its main base of operations in Europe. Registration with AMF will enable the company to offer a suite of products and services to customers in the region in full compliance with local regulations.

Once authorized as a Prestataire De service sur actifs numeriques (PSAN), Circle will be able to set up the EUROC, which is fully backed by reserves, and begin the process of enabling the EUROC to transform the digital currency into full-fledged electronic money.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $28,573 and is currently on its way to the level of $30k, which is psychological level for traders. Currently, the bulls are consolidating the recent gains around the level of $28k, but a local pull-back is possible. Moreover, the market might be making the Rising Wedge price pattern onH4 time frame chart as well. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are possible. The momentum on the H4 time-frame chart remains on the elevated levels, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated (no daily candle close below this level). Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.

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Weekly Pivot Points:

WR3 - $29,430

WR2 - $28,530

WR1 - $28,076

Weekly Pivot - $27,630

WS1 - $27,176

WS2 - $26,730

WS3 - $25,830

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

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