News updates March 28, 2022

1. Bitcoin (BTC) Reaches Highest Weekly Close of 2022:

Bitcoin (BTC) increased rapidly on March 27, breaking out from several short-term resistance levels in the process and briefly moved above $47,000 the next day.

Bitcoin increased significantly during the week of March 21-28, creating a large bullish engulfing candlestick in the process. The weekly close was the highest so far in 2022. 

Besides the bullish price action, technical indicators are also bullish. 

The MACD, which is created by short and long-term moving averages (MA), is moving upwards and has generated successive higher momentum bars (green icon). This means that the short-term MA is accelerating quicker than the long-term average. 

The RSI, which is a momentum indicator, is increasing and has moved above 50 (green circle). This is also a sign of a bullish trend. 

Therefore, the weekly chart shows an overall bullish outlook.

1) Ongoing BTC breakout
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The daily chart also shows several bullish characteristics.

Firstly, there was a breakout (green icon) from a descending resistance line that had been in place since Feb. 10.

Secondly, BTC has reclaimed the $44,400 resistance area, which had been in place since Jan. 11.

Bitcoin is now attempting to move above the 0.382 Fib retracement resistance level at $46,950. If it’s successful in doing so, the next resistance would be found near $55,540. This is the 0.618 Fib retracement resistance level. 

Similar to the weekly time frame, the MACD and RSI on the daily chart are bullish. The MACD is positive, the RSI is above 50, and both are still increasing.

2) Wave count analysis
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The most likely wave count indicates that BTC is in wave C of an A-B-C structure (black). The wave began on March 14, and was confirmed on March 23, once the price broke out from a symmetrical triangle.

The sub-wave count is shown in white. 

A high of $50,700 would give waves A:C a 1:1 ratio, which is common in such structures.

2. Over $400M in Liquidations as Bitcoin Price Skyrockets to $47K"

Upwards of $400 million were liquidated in the past 24 hours as Bitcoin’s price surged above $47K.

Bitcoin’s price shot up above $47,000 this morning – a price that we hadn’t seen since January 2nd. The volatility also took its toll on the market, leaving over $410 million worth of liquidations in the past 24 hours.

* Bitcoin’s price is on a steady path forward as the cryptocurrency enters a 7th consecutive green day.

* At the time of this writing, BTC trades at around $47,000 but reached as high as $47,650 earlier today (on Binance).

* This is a price point that we hadn’t seen since January 2nd, when Bitcoin was going in the opposite direction.

* With this surge, the cryptocurrency charts an increase of roughly 13.5% in the past seven days.

* It’s also worth noting that the increased market volatility and turmoil led to over $410 million worth of liquidated positions over the past 24 hours.

* Data from Coinglass reveals that the largest single liquidation order took place on Bitmex. It was a BTC perpetual with a face value of a whopping $10 million.

• Somewhat expectedly, almost 80% of the liquidated positions were short.

3. Buy pressure ‘in bull market territory’ — 5 things to know in Bitcoin this week:

Is it really different this time? Bitcoin is back at the yearly open, but they jury's out when it comes to what's next.

Bitcoin (BTC) begins the last week of March with a bang after returning to its yearly opening price above $46,000.

In a surprisingly strong upward move for a weekend, BTC/USD began surging upwards Saturday, continuing overnight to challenge its highs from the start of 2022.

Coming against an ongoing macro climate of considerable uncertainty, strength in Bitcoin is naturally being taken with a pinch of salt this month. The reaction is understandable given that previous attempts to break out of its multi-month trading range have all ended in failure.

Despite volatile periods, bulls were always left disappointed and Bitcoin subsequently not only reversed but often revisited the lower end of its range, costing both short and long positions dearly.

Nonetheless, the hope is that this time really will be different — analysts had long argued that only a breakout above the range ceiling, formed by the yearly open around $46,200, would be enough to cause a paradigm shift.

Now that this is in action on the charts, attention is focusing on the final hurdle — cementing these multi-month resistance levels as support.

With the process ongoing Monday, Cointelegraph takes a look at potential triggers that could make or break this important episode in Bitcoin price action.

Bitcoin wipes out the 2022 dip
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“Gradually then suddenly” or pure chance? Traders are still trying to make sense of Bitcoin’s newfound strength this week.

It’s been a sight absent from the chart since the New Year — BTC/USD is back at $47,000. After jumping almost $3,000 in 24 hours, the largest cryptocurrency dealt a firm blow to resistance levels which had for months kept bulls firmly in their place.

The significance of $46,000 has been a hot topic for almost as long — a return to the yearly open, many said, would be the signal that Bitcoin was ready for bigger things once more.

Few would have thought that the phenomenon would play out “out of hours,” however, and suspicions over the rally’s real strength are naturally pervasive on social media as the week gets underway, just as they were as the rally itself began.

4. New UK Crypto Regulations Set to Be Announced in Coming Weeks:

The UK Finance Ministry will announce a new regulatory framework for cryptocurrencies in the coming weeks, focusing on stablecoins.

According to people familiar with the matter, the new regulations will be friendly to the crypto industry, providing some clarity to combat the murkiness of existing rules. According to reports, Treasury officials have shown a willingness to learn about the crypto market, consulting with crypto firms and trade groups, including Gemini exchange.

Gemini issues its own stablecoin, which derives its value from the US dollar. Stablecoin usage has coincided with the trajectory of the wider crypto market, with Tether, the largest stablecoin globally, having a supply of over $80B, up $76B from two years ago. Despite the popularity of stablecoins, regulators have raised concerns that sufficient fiat currency reserves may not back the coins and that criminals are using them to launder funds and participate in other criminal activities.

UK following Biden administration’s lead
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The Bank of England called on regulators to minimize cryptocurrencies’ risks to financial stability. The Deputy Governor of the Bank of England penned letters to multiple bank CEOs, citing “increased interest” from banks and investment firms looking to enter different crypto markets. This comes after USpresident Joe Biden called on varied US Federal Agencies to coordinate efforts on crypto regulation, assigning departments from Treasury to Commerce research projects on various topics, including the launch of a government-backed stablecoin. Brian Deese, who heads up the White House’s National Economic Council, and National Security Adviser Jake Sullivan, said that the new executive order “identifies the administration’s policy priorities, both for cryptocurrencies and any future US Central Bank Digital Currency.”

Many crypto industry insiders lament the lack of similar governmental coordination in the UK, although the government has enlisted the help of the Massachusetts Institute of Technology in researching a central bank digital currency.

FCA registration deadline looms:
A few crypto companies in the UK could be forced to cease operations should they fail to be registered on the Financial Conduct Authority’s crypto-asset register by March 31, 2022. Registration is only enacted if the Financial Conduct Authority in the UK deems crypto firms’ anti-money laundering policies meet FCA standards. Over 80% of firms assessed have either retracted their applications or been flat-out rejected by the FCA.

5. Bitcoin Breaks $47K, Can Bulls Aim $50K?

Bitcoin started a fresh increase above the $45,000 resistance against the US Dollar. BTC even broke $47,000 and is showing positive signs.

* Bitcoin started a fresh increase after it broke the $45,000 resistance zone.

* The price is trading above $45,500 and the 100 hourly simple moving average.

* There is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

* The pair could continue to rise and might even clear the $48,000 resistance zone.

Bitcoin Price Rallies 5%
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Bitcoin price formed a support base above the $43,500 level. BTC started a fresh increase and was able to clear the key $45,000 resistance zone.

It opened the doors for more upsides above the $46,500 level. The price even jumped above the $47,000 level and settled above the 100 hourly simple moving average. A high was formed near $47,561 and the price is now consolidating gains.

Bitcoin tested the 23.6% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. Besides, there is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $47,200 level. The next major resistance could be near the $47,500 zone. A successful break and close above the $47,600 level might spark another increase. In the stated case, the price might even clear the $48,000 resistance level.

The next major resistance could be near the $49,200 level. Any more gains could open the doors for a move towards the $50,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $46,800 zone.

The next major support is seen near the $46,350 level. The main support is near the $46,000 level or the 50% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. A downside break below the $46,000 support zone could start a drop towards the $45,0s00 support.

6. South Korea, Britain, Bulgaria to Join Forces to Combat Crypto Tax Dodgers 

South Korea, Britain, and Bulgarias’ tax executives are set to track down individuals suspected of using digital assets to avoid taxes.

South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes”  through the use of digital assets.

7. Nelson Mandela’s Original Arrest Warrant Sold for $130K as NFT

Non-fungible tokens continue to be used for some humanitarian reasons, and the latest example came from South Africa. A digital collection of Nelson Mandela’s original arrest warrant from over half a century ago was sold for more than $130,000 to fund a heritage site.

8. Global Crypto Economy Holds Above the $2 Trillion Zone for 5 Consecutive Days

The crypto economy has managed to remain above the $2 trillion mark during the last five days since March 22. Currently, the global cryptocurrency market capitalization is 1.3% higher during the last 24 hours, as the valuation stands at $2.1 trillion today. Furthermore, the price of bitcoin jumped over the $46K zone on Sunday as well capturing an $870 billion market cap.

9. UAE Venture Capital Firm Launches $100 Million Seed Fund for Blockchain and Crypto Projects

Cypher Capital, a United Arab Emirates (UAE)-based venture capital (VC) firm, has announced the launch of a $100 million seed fund that will primarily avail funding to decentralized finance (defi), gamefi, and metaverse projects.