On the daily chart below for BTCUSD, we can see that the price has pulled back to the previous resistance now turned support. The buyers are likely to defend this level with the red long period moving average offering extra support. The sellers will pile in if the price keeps falling below this level and target the 25231 level. Today the risk event for Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is the US Jobless Claims report and tomorrow the US PMIs.

If the data points to a recession, then we should see the cryptocurrency selling off as the risk sentiment would turn sour. On the other hand, benign data should give the buyers enough conviction to keep charging higher. The whole rally after the Silicon Valley Bank collapse has been diverging with the MACD, so that’s another bad sign for the bulls as we may see a deeper correction.

BTCUSD technical analysis

On the 4 hour chart below, we can see that the price broke out of the range created just below the key weekly resistance level and it’s now retesting it. The question is if it’s a retest or the price keeps falling and it turns into a failed breakout. If it’s the latter, it’s even more bearish for Bitcoin going forward. The moving averages on this timeframe are crossed to the downside, so the trend is bearish for now.

On the 1 hour chart below, we can see that if we were to get a pullback, the sellers are likely to lean on the 38.2% Fibonacci retracement level where we have also the confluence with a previous swing level. The market will watch carefully the data to decide where to go next.