Bitcoin analysis for March 26, 2021

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On the four-hour time frame, we see that the BTC/USD pair is in a smaller bearish trend. The price has dropped below the moving averages of the MA20, EMA, and MA50, and we are now testing the MA200 and EMA200 at $ 52,388.

We can also adjust the Fibonacci retracement level and based on that. Bitcoin is now testing a 50.0% level with a potential continuation towards lower levels towards $ 50,000. If we see a further decline, we look at the zone at $ 47,000- $ 48,000 instead of the chart’s previous consolidation.

BTC/USD

BTC/USD

On the daily time frame, we see that Bitcoin finds support on the moving average of MA50, but with pressure from the top of MA20 and EMA20. The smaller trend line is also our current obstacle to a stronger continuation of the bullish trend.

BTC/USD

BTC/USD

From the news and important statements for Bitcoin, we single out the following: The Soros fund management department director believes that Bitcoin takes over the inherent characteristics of gold. Over time, Soros has invested in digital asset infrastructure, suggesting ownership of Bitcoin.

The director-general of the Soros fund management service, Dawn Fitzpatrick, confirmed that the company is interested in Bitcoin infrastructure. She spoke in an interview with Bloomberg where she also insinuated ownership of Bitcoin. It has been clearly shown that the company has a close connection with Bitcoin and the cryptocurrency space.

Moreover, the sluggish performance of gold in the middle of the crypto bull cycle shows that BTC is increasing compared to the world’s precious metals.

Commenting on the Chinese digital currency soon, Fitzpatrick said that the move would try to stifle and delegitimize Bitcoin but that the effect would be temporary.

According to her, China has its strategic reasons because it is the first driver of the central bank’s digital currency (CBDC). One of them is to offer the world an alternative currency.

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