Market
picture
The stock
market’s upbeat mood brought the price of bitcoin back to the upper limit of
the March trading range. In the low-liquid market early in the morning, Bitcoin
picked up a wave of stops moving from $28.5K to $29.1K in minutes. It soon got
the reverse traction with the same speed, dropping to $28.0K before entering a
smoother intraday uptrend.
The morning
breakdown of $29.0K was false, and it is better to wait for a more solid fixation
above it to talk about the beginning of a new growth impulse. A potential
upside target within the formation is the area near $35K (161.8% of the initial
move). However, already near $30K, BTCUSD may face short-term selling pressure.
The XRP
token has tested highs since May 2022 above $0.58. So far this week, it has
gained more than 20% amid hopes of an optimistic outcome of the Ripple Labs
litigation with the SEC and the CFTC calling the leading cryptocurrencies
commodities.
News
background
Galaxy Digital
CEO Mike Novogratz called Bitcoin interesting amid the “build-up of debt-to-GDP”
in the US. According to him, the banking crisis in the United States was an
“adrenaline rush” for cryptocurrencies and gave the bitcoin community
“incredible resilience.”
MEPs
approved a limit of 1,000 euros on cryptocurrency transactions for unverified
users as part of the fight against money laundering, terrorist financing and
sanctions evasion.
According to
the Financial Times, Binance hid its connection to China for several years,
despite claims from management that the site left the country at the end of
2017.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.