Bitcoin continues to soar in value.
Over the past few days, Bitcoin has experienced a surge in buying power that has caused its price to exceed 28,000 dollar. This has been greatly beneficial to digital currencies, as the recent events surrounding the collapse of three banks have led to a much more flexible monetary policy. In just a few days, there has been an increase in liquidity through injection of money into the system.
On the other hand, Credit Suisse, a bank in Europe, was purchased by UBS Group for nearly 2 billion dollar as part of an emergency plan led by the Swiss government to maintain financial stability in the country. As part of the agreement, the Swiss National Bank is committed to providing liquidity to UBS Group worth more than 100 billion dollar.
Balaji Srinivasan, former CTO of Coinbase, has suggested that the impending global banking crisis could be a significant factor in supporting Bitcoin's value to reach 1 million dollar.
All of these factors are related to the banking sector and serve as a reminder that depositing money in banks may not always be safe. As confidence decreases, there may be a decrease in stock prices or a large amount of withdrawals to purchase other assets.
The El Salvadoran government has announced additional initiatives to support the acceptance of Bitcoin and the development of a wider network. This time, it is a Bitcoin/Lightning developer training program called "CUBO+" which has received support from VC firm Fulgur and stablecoin issuer Tether.
As announced by the Bitcoin Office of El Salvador on Wednesday, the "CUBO+" program is an advanced Bitcoin engineering program that will take six months and offer credits and potential positions for qualified individuals to join the Plan B Fellowship program.
Plan B is an initiative that was launched by the Bitcoin Office in Lugano, Switzerland last year to facilitate the acceptance of Bitcoin by over 150 businesses in the city. This is yet another project that has brought Bitcoin into widespread use.
Technical analysis data (5H)
Resistance : 27840, 28205, 28560
Support : 27120, 26765, 26400
Source: Investing.com
Pivot Points March 20, 2023 5:20 PM GMT+7
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 26400.0 | 26765.0 | 27120.0 | 27485.0 | 27840.0 | 28205.0 | 28560.0 |
| Fibonacci | 26765.0 | 27040.0 | 27210.0 | 27485.0 | 27760.0 | 27930.0 | 28205.0 |
| Camarilla | 27277.0 | 27343.0 | 27409.0 | 27485.0 | 27541.0 | 27607.0 | 27673.0 |
| Woodie's | 26395.0 | 26762.5 | 27115.0 | 27482.5 | 27835.0 | 28202.5 | 28555.0 |
| DeMark's | - | - | 26942.5 | 27396.2 | 27662.5 | - | - |
Buy/Long 1: If the price touches the support level in the range of 26765 - 27120 but fails to break the resistance level at 27120, a take profit (TP) level of around 28205 and a stop loss (SL) level of around 26400 can be set or according to the acceptable risk.
Buy/Long 2: If the resistance level in the range of 27840 - 28205 can be broken, a TP level of around 28560 and an SL level of around 26765 can be set or according to the acceptable risk.
Sell/Short 1: If the price touches the resistance level in the range of 27840 - 28205 but fails to break the resistance level at 27840, a TP level of around 26765 and an SL level of around 28560 can be set or according to the acceptable risk.
Sell/Short 2: If the support level in the range of 26765 - 27120 can be broken, a TP level of around 26400 and an SL level of around 28205 can be set or according to the acceptable risk.
Technical Indicators March 20, 2023 5:20 PM GMT+7
| Name | Value | Action |
| RSI(14) | 69.075 | Buy |
| STOCH(9,6) | 95.815 | Overbought |
| STOCHRSI(14) | 29.513 | Sell |
| MACD(12,26) | 1065.400 | Buy |
| ADX(14) | 47.987 | Buy |
| Williams %R | -1.811 | Overbought |
| CCI(14) | 173.4760 | Buy |
| ATR(14) | 669.4286 | Less Volatility |
| Highs/Lows(14) | 469.2857 | Buy |
| Ultimate Oscillator | 61.806 | Buy |
| ROC | 5.495 | Buy |
| Bull/Bear Power(13) | 1451.9760 | Buy |
|
Buy:8 Sell:1 Neutral:0 Summary:Strong Buy |
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Source: Investing, Bitcoinaddict, Siamblockchain
