Wednesday, June 12, 2024

Market Watch March 3: Bitcoin fails to cross resistance at $45,000, loses momentum

Bitcoin has been on a rally this week but dipped to the $43,000 mark after failing to cross the resistance at $45,000 level. $45,000 does not hold historical importance as BTC has breached it several times in the past.

The abrupt slip can be attributed to the Federal Reserve Chair Jerome Powell confirming plans to go ahead with the US Central Bank’s plans to raise interest rates this month. He said the first hike of 0.25% is still expected at the Fed’s next meeting. But, the Chair added that they can’t know how large or persistent the effects of the Ukraine war will be on the economy.

Despite the decline in the price of Bitcoin, Katie Stockton, an analyst at Fairlead Strategies believes prices will increase and head towards $50,000. She highlighted that short-term gauges are pointing higher. However, risk is heightened in this environment.

Data shows that buyers remain active at lower support levels, particularly at the $40,000 mark. Its said pullback could stabilize on intraday charts. There was a noted stronger resistance at$46,000. This had capped the price rally last month. Experts outline that buyers need to make a decisive break above resistance to reverse the three-month-long downtrend.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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