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Institutional interest is also showing signs of a pick up in the crypto space. Coindesk said its sources revealed that Bridgewater Associates, the world’s largest hedge fund, is planning to invest in a crypto fund. However, the crypto investment, when compared to Bridgewater’s assets under management, is very small.

Galaxy Digital CEO Mike Novogratz said in a recent interview with Bloomberg that Bitcoin is unlikely to rally in the current environment, with the Fed tightening and the war in Ukraine. However, Novogratz remains bullish in the long term. He said that Bitcoin should reach $500,000 in five years, else his theory of the Bitcoin
adoption cycle would prove to be wrong.

We said in our previous analysis that traders may turn positive on a break above the 50-day simple moving average (SMA) and that proved to be the right strategy to adopt. Bitcoin broke and closed above the downtrend line of the descending triangle on March 16, which invalidated the bearish setup.

Although the bears tried to pull the price back below the 50-day SMA, the bulls held their ground, indicating buying on dips. The relative strength index (RSI) has jumped into the positive territory, suggesting that bulls have the upper hand.

Strong buying today has pushed the price above the minor resistance at $42,600. If bulls sustain the price above this level, the BTC/USD pair could rally to $45,855. This level is again likely to act as a stiff resistance.

If the price turns down from this resistance, the bears will attempt to pull the pair to the 50-day SMA and extend the stay inside the range for a few more days. Conversely, a rally above $45,855 could propel the pair to the 200-day SMA.

The bullish view will invalidate in the short term if the price turns down and breaks below the 50-day SMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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- Ninja Fantasy Trader

- Bashoswap

- Jimizz

- Faith Tribe

- Digital Arms

- Onino

- Smartchem (SMAC)

- ERNEST IN DISGUISE

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- Nunu Spirits

- Asimi

- Artex

- Xmetafans

- Reefer Token

- Maxxer

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Without a major trigger, Bitcoin prices have been range-bound in 2022. While long-term investors seem to be accumulating on dips, the short-term traders who have
purchased at higher levels may be liquidating their positions on rallies near $47,000 to “get their initial investment back,” said Brett Munster at Blockforce Capital.

During this period of uncertainty and high inflation, Tesla CEO Elon Musk advised his followers to “own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.” Musk added that he owns Bitcoin, Ethereum and Dogecoin and does not plan to sell his crypto holdings.

Although a Bitcoin rally to $100,000 seems like a distant dream at current levels, several investors remain bullish for the long term. Apple co-founder Steve Wozniak while speaking on the podcast "Steve-O's Wild Ride," said he expects Bitcoin to reach $100,000 due to the high interest in crypto.

Bitcoin has formed a descending triangle pattern which will complete on a break and close below $37,020. The BTC/USD pair could then decline to the strong support zone of $34,322 and $32,933.

Contrary to this assumption, if the price rebounds off $37,020, it will suggest that bulls are accumulating near this support. The buyers will then attempt to push and sustain the price above the downtrend line and the 50-day simple moving average (SMA).

Such a move will invalidate the bearish setup, which could attract buyers. The pair could then start its northward march toward the overhead resistance at $45,500 where the bears are expected to mount a strong defence.

The flat moving averages and the relative strength index (RSI) near 47 point to a possible range-bound action in the short term.

Traders may wait for the price to break and close above the 50-day SMA before turning positive. Bottom fishing may be avoided if the price sustains below $37,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- bitcci

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Glassnode, in their March 7 newsletter, concluded that short-term holders seem to be selling their coins while the “long-term holder sell-side has continued to decline since Jan 2021, a signal of growing conviction in the face of high macro uncertainty.”

Nigel Green, CEO of deVere Group, also voiced a bullish projection when he said that Bitcoin could reach $50,000 by the end of March.

Anthony Scaramucci, founder and managing partner of global alternative investment firm SkyBridge Capital, in an interview with Magnifi Media, said that Bitcoin was
not an inflation hedge but an “early technological adoption story that is mirroring a lot of what happened in Web 1.” He projected Bitcoin to touch $100,000 within two years.

We had mentioned in our previous analysis that the bears will defend the zone between £32,382 and £34,032 aggressively and that is what happened. Bitcoin turned down
from £33,987.99 on March 2 and broke below the moving averages on March 4.

Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating a range-bound action in the near term. The BTC/GBP pair
is likely to remain stuck between £24,450 on the downside and £34,032 on the upside.

If the price rises and sustains above the moving averages, the bulls will try to push the pair toward the resistance of the range. Alternatively, if the price breaks below £27,724.38, the bears will try to pull the pair toward the support of the range.

A break above or below the range is likely to begin the next trending move. Until then, the price action inside the range is likely to remain volatile.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

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The Russia-Ukraine conflict attracted strong economic sanctions by the West, sending the Russian ruble (RUB) tumbling to a record low of 118 per dollar on February 28, according to Bloomberg data. This resulted in a massive increase in Bitcoin trading volumes in the Russian ruble as investors sought to protect their wealth from the plummeting ruble.

“Volume for both RUB and Ukrainian hryvnia (UAH) trading pairs increased far more quickly than volume for other pairs, such as BTCUSD, which suggests the crisis is directly influencing trading behaviour,” said crypto data company Kaiko, CNBC reported.

The Russia-Ukraine conflict has underlined the importance of cryptocurrencies, which are borderless and censorshipresistant.

We had mentioned in our previous analysis that Bitcoin could slide to £25,000 and the price dipped to £25,414.38 on February 24. The subsequent rally rose to the 50-day simple moving average (SMA) but the bears defended the level aggressively.

The BTC/GBP pair turned down on February 26 but strong buying on February 28 propelled the price above the 50-day SMA. The rally has reached the strong resistance zone of £32,382 to £34,031.

This zone has acted as a strong resistance on three previous occasions, hence the bears are again expected to mount a strong defence. If the price turns down from this zone, the pair could drop to the 50-day SMA.

A sharp bounce off the 50-day SMA could offer a buying opportunity to traders as that will suggest that sentiment has turned positive and traders are buying on dips. If buyers drive the pair above the overhead zone, the next stop could be the 200-day SMA.

This positive view will be invalidated if the price turns down from the current level and breaks below the 50-day SMA. Such a move will indicate that the pair remains range-bound between £24,450 and £34,032.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Hubble Protocol

- XMateFans

- The Boujee Leopards Club

- Reefer Token

- Nunu Spirits

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- Jimizz

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