Bitcoin (BTC) made a big jump last night and the market sentiment is immediately getting a lot more positive. Outside of a dip to $37,300 on Monday night, the $38,000 has held up for the past few days and bitcoin is now making a rebound.
Bitcoin price is 8.5% in the plus
Yesterday pushed the bitcoin price at $39,000 for hours, but was unable to break through at first. Last night it seemed to work for a while, but bitcoin was rejected around $39,300 and then dropped to $38,450.
From there the price started to rise steadily and a few hours later bitcoin broke through the $39,000 and this time without too much resistance. When the price reached $39,500, the gain accelerated.
Bitcoin then made a huge jump to $41,680. The course held steady here and even made a jump this morning. Bitcoin just peaked at 42,400 and appears to be holding out above USD 42,000 for now.
The BTC price at the time of writing stands at $42,100 at Binance and €38,450 on Battle† Bitcoin is up 8.5% this morning compared to 24 hours ago.
BTC has rallied up to the top of the wedge on rumors that Yellen’s Executive Order was accidentally posted a day early. Levels of resistance to clear to the upside $42,300 followed by $43,700. To the downside areas for bulls to hold $40,200 and $39,000 https://t.co/7g49qnMh13
— Decentrader (@decentrader) March 9, 2022
Price rise due to leaked regulatory comments
The rapid rise in price is accompanied by crypto news about new regulations in the US. Last night leaked commentary from the US Secretary of the Treasury Janet Yellen. From this, investors interpret that the US may not be too strict to regulate the market. Apparently that takes away a lot of the fear. The comment has been removed, but can still be found below:
Looks like Yellen’s comments on tomorrow’s Executive Order were accidentally posted a day early (now removed). https://t.co/k9jZJcPhS4 got them, though – https://t.co/EtOq1eNHRI
— Matt Corallo (@TheBlueMatt) March 9, 2022
The increase is also accompanied by a significant short squeeze. According to data from Coinglass No less than $70 million worth of bitcoin short positions were liquidated in the past 12 hours.
Wow, almost $32 million in #Bitcoin Short Liquidations in 1 hour.
The highest hourly amount since the price rebound on Feb. 24th. pic.twitter.com/FocCIRTUL7
— On-Chain College (@OnChainCollege) March 9, 2022
Keep an eye on these bitcoin price levels
Despite this, there is still a lot of fear in all financial markets. Energy prices continue to rise, purchasing power continues to fall, the situation in Ukraine continues to escalate and there are still many concerns about the Federal Reserve’s monetary policy which is likely to be announced next week. Tomorrow the numbers of the consumer price index (CPI) published. There are also fears that the current rise may be the result of a “buy the rumor, sell the news” effect. Investors buy the rumor now, but may then sell the news again tomorrow.
Either way, bitcoin is still stuck in its current range. Although this increase is very confident, many analysts are convinced that the area between $45,000 and $47,000 must first be recaptured to speak of an actual trend reversal. The confidence that the bitcoin price has reached a bottom is also increasing. Yet we are also seeing more and more people fear that bitcoin could drop all the way to $20,000, around 200 weeks simple moving average.
#Bitcoin #trade #Update
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Bitcoin needs to break above $46K and consolidate and then we can confirm a trend reversal. Until then, still I think we are in a range phase between $46K and $34K.RT please! pic.twitter.com/m9OYudunap
— Shayan.₿TC 🏳️🇺🇦 (@greatest_trader) March 9, 2022
Where do you think the bottom is? This year’s low so far is 33k, last year’s low was 28.8k #Bitcoin
— Steve ⚡ (@decodejar) March 8, 2022
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