Bitcoin
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The news and forecast of Bitcoin in the short term can be assessed as favorable, at least for the moment. Some evidence suggests that localized growth is possible. For example, the Personal Consumer Expenditure (PCE) data showed a 0.3% increase in February, less than the 0.5% increase in January. The PCE data indicate that inflation is gradually declining.
As a result, cryptocurrencies, including Bitcoin, rose in price. It is also likely that the Federal Reserve will cut rates by the end of the year. The FedWatch tool points to a 33% chance of a 50 basis point decline by December.
The bulls are trying to raise the price of Bitcoin, but the bears are not going to give up
bitcoin chart
3 days ago, the bulls were able to push the price of Bitcoin above $29,000, but the bears are not going to give up. If the price of Bitcoin fails to break the 28,700 mark during the day, then the BTC/USDT pair may return to the 20-day exponential moving average ($26,707).
But if there is a bounce from this level, then this will indicate that market sentiment remains positive, and then the bulls will try to break through the $29,000 level after all.
But if there is a drop below the 20-day EMA, then this will indicate that the bulls have begun to take profits. Accordingly, the price of Bitcoin may fall to $ 26,500, and possibly lower. At the moment, the markets are focused on how the situation will be with the banking system in the US and Europe, where, despite all the assurances of the authorities, the problems have not been fully resolved.
News, forecast and analysis of Bitcoin price in the short term
News, forecast and analysis of Bitcoin price in the short term
Because there are no fundamental factors yet that indicate that the bulls can continue to increase the price of Bitcoin. However, the bears also do not yet have the opportunity to correct the value of Bitcoin to the $25,000 mark.
Therefore, we can make the following forecast for Bitcoin: the price of the asset will be in a narrow corridor from $27,000 to $28,700 in the short term. The next week may be decisive in terms of the further movement of the price of Bitcoin throughout April.
Perhaps April will be more successful for Bitcoin than March, and the cryptocurrency will be able to gain a foothold above the $32,000 mark and even break the $35,000 level.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
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