Bitcoin failed to breach Fibonacci 161.8 resistance

Bitcoin failed to breach Fibonacci 161.8 resistance
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 27.02.2023 17:48 (UTC)
Post reading time: 1.75 min
261

Bitcoin’s test of Fibonacci 161.8 resistance ended in failure last week and the price is below $23,500 currently. Bitcoin reflected off the Fibonacci 161.8 resistance and remains in consolidation mode halfway between the Fibonacci 161.8 and Fibonacci 100 level. The RSI is in neutral zone. Bears are struggling to consolidate their control to push the price further down to the Fibonacci 100 support in medium term. It needs to be seen whether they will succeed in driving the price down toward the support.



Markets ended on down note last Friday as Federal Reserve’s preferred inflation gauge - Personal Consumption Expenditures (PCE) rose last month at its fastest pace since June. The acceleration in the Federal Reserve’s favored measure of inflation to 5.4% last month from January 2022 spurred fears Federal Reserve will continue hiking interest rates. Meanwhile the European Central Bank provided more details how it plans to introduce the digital euro, the US SEC objected to Binance’s $1B Voyager deal and global financial crime watchdog agreed on action plan to implement global crypto norms. 

 

European Central Bank documents reveal the ability to make purchases online and send money to friends should be the priorities with a digital euro. The initial release of a digital euro would be for e-commerce and for peer-to-peer payments made among private individuals. Other uses such as paying taxes, receiving welfare payments or even paying in physical stores would follow in a later.

 

The US Securities and Exchange Commission (SEC) opposed to $1.02 billion deal by Binance.US to purchase assets of bankrupt crypto lender Voyager Digital. SEC says the deal may violate the prohibition in Section 5 of the Securities Act of 1933 against the unregistered offer, sale, or delivery after sale of securities. The SEC cites in particular the VGX token issued by Voyager.

 

The Financial Action Task Force has agreed on an action plan to drive the "timely implementation" of its global standards for crypto. Last Friday the watchdog noted that many countries have failed to implement its norms, including its controversial “travel rule,” which requires services providers to collect and share information of crypto transactions.

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