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Technical Analysis of BTC/USD for March 17, 2021

Crypto Industry News:

Bitcoin last week was over $ 60,000 a coin - and has become worth more than the world's three largest banks combined.

According to publicly available data, the largest cryptocurrency has outperformed the world's three highest-valued banking giants in terms of market capitalization. At a record high of $ 61,700, Bitcoin's market capitalization was around $ 1.15 trillion. The total market capitalization of JPMorgan Chase, Bank of America and Industrial and Commercial Bank of China is $ 1.08 trillion.

The track record doesn't stop there: Visa and Mastercard, the largest payment networks, have a combined market capitalization of $ 871 billion, now also much less than Bitcoin. BTC/USD market has seen a slight decline since then, lowering its market capitalization to $ 1.03 trillion while still holding a significant trillion dollar asset title.

This level was previously cited by analysts as a likely consolidation zone, which still remains after Monday's decline that pushed Bitcoin back below its previous all-time record set in late February.

Others noted that its growth was impressive - the value of the Bitcoin network grew from zero to $ 1 trillion 3.6 times faster than Microsoft, for example.

Technical Market Outlook:

The BTC/USD bounce from the level of $54,012 was very shallow so far, so if there is no bullish pressure, then the market is about to test the technical support located at the level of $52,466 - $52,039. If this level is violated, then the corrective cycle might expand towards the next technical support seen at $49,422. The nearest intraday technical resistance is seen at the level of $55,091. Please notice the market keep making higher highs on the daily time frame despite the bearish divergence building since the level of $41,917.

Weekly Pivot Points:

WR3 - $77,718

WR2 - $70,065

WR1 - $65,682

Weekly Pivot - $57,463

WS1 - $53,537

WS2 - $45,060

WS3 - $41,147

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken on the e daily time frame chart.

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The material has been provided by InstaForex Company - www.instaforex.com