Categories: Crypto Review

Bitcoin’s bullish triangle

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”.

The FxPro Analyst Team

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

GBPUSD Wave Analysis – 18 March 2025

GBPUSD: ⬆️ Buy - GBPUSD reversed from support zone - Likely to rise to resistance…

42 minutes ago

GBPAUD Wave Analysis – 18 March 2025

GBPAUD: ⬆️ Buy - GBPAUD reversed from the support zone - Likely to rise to…

43 minutes ago

Solana Wave Analysis – 18 March 2025

Solana: ⬇️ Sell - Solana reversed from the resistance zone - Likely to fall to…

3 hours ago

CHFJPY Wave Analysis – 18 March 2025

CHFJPY: ⬆️ Buy - CHFJPY broke resistance zone - Likely to rise to resistance level…

3 hours ago

The crypto market is stuck in the mud

Market Picture The crypto market has been hovering in a narrow range for the past…

7 hours ago

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

24 hours ago