somrat4030
Well-known member
Mar-13, 2022, Bitcoin trading technical analysis and market forecast, by forex forum.
Bitcoin Price Flat at $39K
The past 24 hours were finally a bit less volatile compared to previous periods.With one exception where BTC's price dipped towards $38,500, the primary cryptocurrency has been trading around $39,000 for the most part. This is somewhat expected as it's the weekend and it's usually the case that volumes are lower.
The lack of tumultuous price action also resulted in a lot fewer liquidations compared to the previous days. Over the past 24 hours, there was only about $38 million worth of liquidated long and short positions, where the ratio is also somewhat flat with 58% being long liquidations. The largest single liquidation order was an ETH perp worth $800K and it happened on OKEx.
Moreover, Bitcoin price set to trade sideways to lower into next week as tail risk persists and even gets bigger
Bitcoin price sees bulls printing some green numbers for this week, but all in all, price action remains pretty muted, with no lows or highs against the move from the previous week. Expect to see Bitcoin moving in bandwidth between $36,709 and $44,088, a 20% range that will only start to trade smaller by the end of next week, set for a breakout. Considering the death cross, the stagflation fears for the eurozone and spillover to the whole globe, the downtrend will still be very much in play and could start to weigh further, resulting in a breakout to the downside.
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BTC price action will start to test the lower range next week, around $36,709 and the monthly S1 support level. Expect to see price action start dropping fastest as losses are deepened and could be set to test $32,649, which would be a test of the low of 2022 and possibly print a new low for the year, breaking the one from mid-January. With this, Bitcoin price will enter a sharp correction phase and start to trade in the distribution zone used in 2021 before the big rally in the fall last year.
On the other hand, Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.
Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said
Source: ndtv.com/business
One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are afraid Switzerland will freeze their assets, one executive said, adding that none of the requests had been for less than $2 billion.
Still, as crypto offers users a high degree of anonymity, European countries such as Germany and Estonia have this week called for tighter oversight to snuff out any loopholes that could allow sanctions busting.
Three Western diplomats said they were increasingly alarmed by the number of Russians who in recent weeks were seeking a refuge in the UAE for their fortunes, including in property, and were wary that some could be acting on behalf of those under sanctions.
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