Bitcoin price heads toward bottom confirmation cross, ahead of President Joe Biden’s order
- Bitcoin price stabilized ahead of the executive order on cryptocurrencies by President Joe Biden.
- Amidst worldwide sanctions, Bitcoin finds utility and adoption on both sides of the Russo-Ukraine war.
- Credit Suisse, an institution with $800 billion worth of assets under management believes Bitcoin could benefit from new monetary order.
- Analysts believe Bitcoin is on track to hit a cross confirmation, revealing an approximate floor price for BTC.
Bitcoin price recovered from the slump in the crypto market, posting 7.8% gains overnight. Analysts are bullish on the asset’s recovery as it approaches an indicator that determines floor price in the current cycle.
Bitcoin recovery on the cards ahead of US President's executive order
US President Joe Biden is expected to sign an executive order on cryptocurrencies. Ahead of this order there was a massive recovery in Bitcoin price and BTC finally stabilized ahead of the order, after posting nearly 8% gains overnight.
European Union and United States’ sanctions on Russia have increased, as the Russia-Ukraine war rages on. Bitcoin has found utility on both sides, in the war in Ukraine, driving its adoption higher.
Proponents believe that Bitcoin’s adoption could climb consistently as geopolitical tensions rise.
Leading financial services firm and global investment bank, Credit Suisse currently has $800 billion worth of assets under management. Analysts at the firm believe that Bitcoin could benefit from the new monetary order that emerges at the end of the ongoing war between Russia and Ukraine.
Analysts have evaluated the Bitcoin price trend and identified a cross confirmation. The indicator could confirm the floor price for Bitcoin in the current price cycle. @TheRealPlanC, a crypto analyst and trader, notes that the cross is incoming, and this could signal a trend reversal in Bitcoin.
Cross incoming, will history repeat? #Bitcoin #Crypto pic.twitter.com/GeC5UZbYrz
— Plan©️ (@TheRealPlanC) March 8, 2022
FXStreet analysts have predicted that Bitcoin downside risk continues and the asset could suffer a further drop. Analysts argue that a decline below $37,000 will signal the formation of a bear flag pattern in the Bitcoin price trend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
