The price of Bitcoin (BTC) reached $ 42,000 on March 9 when an impressive overnight light showed bulls taking back support levels.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Trader: the market “remains fragile”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD surprisingly “overcame” previous resistance of $ 39,600, continuing its 11.3% 24-hour gain.
Based on local peaks of 42,438 dollars on Bitstamp, the mood of traders also improved, but caution remained.
Several macro factors: the war between Russia and Ukraine, inflation and the forthcoming US decree on cryptocurrencies have all made commentators on guard.
“I can not deny that the market looks a little better after this move. Cointelegraph contributor Michael van de Poppe said in a Twitter comment that day:
Trader and analyst Pentoshi also did a brilliant job of bringing Bitcoin back to the top of the series where it has stayed through 2022.
“There was a lot of pressure, but at the end of the day you want Bitcoin to regain 46k-47k to ensure that momentum comes back,” added William Clementi, chief analyst at mining company Blockware.
Prices remain open on the impact of February data on the Consumer Price Index (CPI) released on Thursday. This is expected to be 7.9% and will be the main driver of short-term volatility for BTC / USD.
The data will go before the Federal Reserve’s decision on key interest rates next week, and expectations will be as mixed as their range.
“The first IMO BTC fall from 60,000 to 30,000 in 2021 was due to a mining ban in China. The second fall from 60,000 to 30,000 in 2021 was due to inflation combined with potential price increases and the end of QE,” said PlanB, Stocks’ pioneering family for streaming. of bitcoin price patterns.
“At this point, the outlook for higher prices and an end to quantitative easing seems low.”
LUNA returns to the highest return on major cryptocurrencies
Thus, Bitcoin performed well even against many cryptocurrencies, with the top ten cryptocurrencies by market value struggling to keep up.
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Ether (ETH) is up 7.2% on the day at the time of writing, while others like Ripple (XRP) are down 3.7%.
The most active progress was once again in Terra (LUNA), with LUNA / USD aiming for a 20% gain, the highest level since mid-January.