Bitcoin
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Bitcoin was able to break through the $27,000 resistance. This gave a chance for the bullish rally to continue. A scenario is likely that the cryptocurrency rate will be able to gain a foothold above the $27,000 mark and start testing $28,000. News and forecast indicate that Bitcoin may continue to rise.
At the end of the week, Bitcoin was able to get support from the Fed, as well as from the Swiss National Bank, which agreed to provide investment bank Credit Suisse with about $50 billion.
bitcoin chart
Bitcoin: what news positively affected the forecast indicating further growth
Investor sentiment improved after the banking sector appeared to be able to overcome the crisis. On Wednesday, the CME FedWatch Tool, which predicts interest rate decisions, showed a 45 percent chance of a zero basis point rate hike. Now he is projecting an 80.5% chance of a 25 basis point increase. Both figures contrast sharply with last week’s data, when the CME showed a 68 percent chance of a 50 basis point rate hike.
There was also positive news on the US stock market. Investors were positive after it became known that the regulators have provided support to the banking industry.
As a result, the underlying Wall Street stock index rose by 1.2%. The Nasdaq Tech Composite and the Dow Jones Industrial Average (DJIA) rose 1.8% and 0.7%. The fact that US banks began borrowing hundreds of billions of dollars from the Fed also had a positive effect on the markets. In fact, the US turned on the printing press, which was to be expected.
Accordingly, the cost of Bitcoin began to grow against such a favorable background for the first cryptocurrency. Now the most important question, can Bitcoin hold its positions until March 22 and gain a foothold to the level of 26,000?
Bitcoin forecast in the short term
Bitcoin: news and forecast – further growth
Now it should be said about what bitcoin price forecast should be expected in the next few days. There are no important events for the cryptocurrency market in general on the weekend.
Therefore, most likely the price of Bitcoin will remain at the current level with a slight downward correction. If Bitcoin fixes at around $27,000, then it can start testing $28,000 already, and there it’s close to $29,000.
Bulls still dominate the market, bears are forced to wait for favorable conditions for a course correction. In general, the Bitcoin forecast is as follows – the asset will be in the range of $25,500 – $27,300 over the next few days.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
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