Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Bitcoin has gained 2.6% over the past 24 hours to $28.3K. Meanwhile, demand for other cryptocurrencies was revived as the total crypto market capitalisation rose 3.4% to $1.18 trillion. Ethereum gained 4% overnight, reaching $1800.
Crypto Fear and Greed Index reached 68 (Greed), its highest level since November 2021.
A series of higher local lows is forming on the intraday charts of bitcoin, indicating players' interest in buying on dips. At the same time, local resistance is almost horizontal.
From a tactical perspective, a break above $28.5K could have a dam-breaking effect and quickly take the price to $30K. A break below $27.5K would negate the bullish technical signal and open the way for a deeper correction.
This is likely to be resolved later this evening after the Fed decision. The reaction of all markets could be vital as the range of expectations is incredibly wide.
News background
The turmoil in the banking system has led to a shift in investors' perception of safe haven assets. According to Caitlin Long, CEO of Custodia, more and more market participants see bitcoin as such.
Mastercard, a payment giant, has partnered with the Australian stablecoin platform Stables. The partnership will see the issuance of a card that allows direct payment with stablecoins.
Tron founder Justin Sun is willing to pay $1.5 billion for Credit Suisse, one of Europe's largest investment banks, to "integrate it into the Web3 world".
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.