Bitcoin Price May Face Turbulence as Swift to Migrate ISO-20022 in 72 Hrs
Bitcoin surged and went par with the $26K resistance before the ISO20022 migration. As per experts, the migration could affect the prices in the on-going bull market.
In a far-fetched story where everyone is busy intriguing Bank solvency and crypto surges, Swift’s migration of ISO20022 is one of the events which nobody has recognised till the time.
“ISO 20022 for cross-border payments and reporting (CBPR+) will go operational on 20 March 2023 for all impacted banks, with ISO 20022 MX and legacy MT coexisting until November 2025” as per reported by Swift.
How it could affect the crypto market, especially Bitcoin and Ethereum? Because Bitcoin and Ethereum are decentralized and run on their own blockchain networks, they were not meant to be ISO 20022 compliant. The ISO 20022 standard is used by centralized financial institutions for messaging and communication, however, it does not apply to cryptocurrencies due to their decentralized nature.
This came into notice when a Twitter user named “Ariel” posted a piece of news that how ISO20022 is going to implement and how it will change the cross-border payment systems in Australia, Canada and Newzealand eventually affecting the price of Bitcoin. He Tweeted:
“Bitcoin & Ethereum investors you may want to read this report. The next 72 hrs will be historic for currency in all forms that will need intrinsic value in order to be utilized on Blockchain or any digital platform. “
This means that coins that meet the criteria may be integrated more quickly into the existing financial system. Furthermore, if large-cap cryptocurrencies like Bitcoin or ETH are linked to the SWIFT system and given official ISO numbers, the way the crypto and fiat currency ecosystems coexist might alter dramatically.
Bitcoin Price Prediction
At the time of writing, the price of Bitcoin is $26,947.98 USD, with a 24-hour trading volume of $41,915,768,908 USD. Bitcoin has increased by 8.05% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a market cap of $520,631,677,216 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,319,881 BTC coins.
Source: CoinMarketCap
Following a brief stabilization of around $26,500, Bitcoin's price has significantly dropped and has been on a short-term downward trend since falling below the support levels of $25,000 and $25,500.
If the price can close over $25,200, it may start a fresh uptrend above $26,000, with a key resistance mark around $26,500.
Getting beyond the $26,000 barrier might pave the door for a possible rise to $27,500.
Source: TradingView
The $24,000 level is now providing short-term support, with additional and firmer support at the $23,500 level and the 100-hourly simple moving average not long behind.
But, if the price falls below $22,600, selling pressure will certainly rise, and the price may go below $22,000 if losses persist.
The RSI is above the 70 mark which indicates a overbought market but the RSI line is keeping its upward pace consistence. The MACD is also at the highest and exhibiting green candles.
“Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000," Matrixport's head of research and strategy, Markus Thielen, stated.
As per the sentimental analysis by TradingView, the Oscillators are signalling a buy option. According to the current moving averages hovering below the prices, the signal is a strong buy. The overall sentiment for Bitcoin is at “Strong Buy” which means that bulls are dominating the market.
Source: TradingView
As per the data from Alternative.me, the current Feer and Greed index of Bitcoin is at 51 which indicates a neutral market. That’s really a very positive sign for investors as market is not fearing to add more value to Bitcoin surge.
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