Bitcoin’s Joyride to $42,000
On March 9, Bitcoin (BTC) miraculously slipped through previous resistance barriers, hitting a high of $42,438 on Bitstamp, showing off a dazzling 11.3% gain within 24 hours. If only our personal finances exhibited such volatility!
Traders Remain Cautious
While traders’ spirits lifted amid this rally, many adopted a cautious stance. Michaël van de Poppe aptly highlighted that the market appeared to be “a bit better,” yet still fragile amid global turmoil. With macro factors like the ongoing Russia-Ukraine conflict and rising inflation, it’s no wonder they’re keeping their guard up.
Support Levels: A Crucial Game
Will the support level at $40,700 be the darling that saves Bitcoin? Market analyst Pentoshi believes it’s a do-or-die moment. If Bitcoin holds above this mark, we may anticipate ranges closer to $46,200 or even $52,000. However, dipping below this level could send traders into a collective panic.
What Lies Beneath the CPI Data
As eyes turn to the upcoming consumer price index (CPI) for February, which is projected to be 7.9%, speculation abounds. It’s almost as nail-biting as waiting for your favorite show’s season finale! Will this CPI data spark short-term volatility for BTC? Bitcoinazons everywhere will be waiting in suspense!
Alts Struggle to Keep Up
Despite Bitcoin’s thrilling escapades, many altcoins are trailing behind. Ethereum (ETH) managed a modest 7.2% uplift, while heavyweights like Ripple (XRP) barely broke a sweat with gains of 3.7%. The star of the show? Terra (LUNA), which demonstrated stunning vigor with gains surpassing 20%. Seriously, can someone check if LUNA’s been hitting the gym?
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