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Bitcoin Foms a Bullish Triangle Pattern

By:
Alexander Kuptsikevich
Published: Mar 22, 2023, 09:04 GMT+00:00

From a tactical perspective, a break above $28.5K could have a dam-breaking effect and quickly take the price to $30K.

Bitcoin, FX Empire

In this article:

Bitcoin Records Higher Lows as it Awaits the Fed Decision

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.

Bitcoin 1 hour chart

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.

Crypto News

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”.

About the Author

Alexander is engaged in the analysis of the currency market, the world economy, gold and oil for more than 10 years. He gives commentaries to leading socio-political and economic magazines, gives interviews for radio and television, and publishes his own researches.

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