Bitcoin (BTC) Drops 3.6% from Weekly Peaks: Vital Levels to Watch

  • Price retracements from weekly highs have Bitcoin price function hovering beneath a near-term support zone.
  • Bitcoin threatened a substantial overnight correction into 23 March amid an initial test of weekly peaks.

Bitcoin Misses ‘Highly Bullish’ Daily Close

Data from crypto analytic platforms Trading View and Cointelegraph Markets Pro showed Bitcoin falling from the highs of $43,337 to $41,779 before a slight recovery (on Bitstamp). While writing this blog, Bitcoin traded at $42,195, still some dollars off the peaks.

Tuesday’s sessions witnessed enthusiasm from market participants thanks to more publicity directed towards Terra’s $3 billion Bitcoin buy-in. The protocol’s fonder Do Know revealed that Terra was yet to purchase most of the money intended to back TerraUSD stablecoin, leaving space for possible Bitcoin price squeezes.

Nevertheless, overnight sessions saw the mood cooling. That had BTC missing on a ‘highly bullish’ 24hr close by approximately $200. However, crypto expert Mathew Hyland remained confident that “tides were turning” for BTC.

The daily Relative Strength Index was among the things supporting Bitcoin’s breakout attempt. Hyland added that Bitcoin’s downtrends persisted even before the November ATHs.

Credible Crypto also stated that $42.5K was crucial to flip. He believes that Bitcoin has to overturn this level as support to confirm the breakout.

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European Central Bank Witnesses Balance Sheet Record Highs

On the macro, updates about Thailand banning cryptocurrency payments triggered sour mode from Asia. Nevertheless, the European Central Bank’s sheet noted record peaks.

At over $9.59 trillion, market interpreter Holger Zschaepitz questions whether the sky is the limit for European Central Bank asset buys. He added that total assets increased by 13 billion euros as the ECB balance sheet noted new ATHs past 8.7 euros. On the other side, the US Fed revealed plans to halt asset purchases and reduce its balance sheet.

Meanwhile, analysts remain confident despite BTC’s current retracement. IntotheBlock’s data shows the crypto experienced one-month exchange outflow peaks on Monday, with more than 15,000 units withdrawn from exchanges.

The last time Bitcoin saw over 14,000 tokens outflows was in late January and gained approximately 20% in one week, surpassing $44K.

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