With Asian stocks rising, the $41,000 resistance for Bitcoin (BTC) is decisive after a brief but unsuccessful breakout overnight, according to crypto analyst William Suberg.
BTC has risen with the markets due to the positive news
As we have also reported as Kriptokoin.com, Bitcoin (BTC) trumped the stocks of good news from Asia and Russia before the Wall Street opening on March 16. With the upgrade, it rose above $41,000. Data from TradingView shows Bitcoin holding $41,000 after the Chinese government promised new economic support.
Beijing announced the move after weeks of turbulent activity in Chinese markets, with tech stocks suffering particularly badly. Deputy Prime Minister Liu He said the government will “actively implement policies that are in favor of the markets”, media outlets including the South China Morning Post reported. The result was a strong bounce in domestic markets, with Hong Kong’s Hang Seng Index gaining more than 20% on the day. Economist Holger Zschaepitz shared the following on the subject:
Chinese stocks traded in the US rose as Beijing promised policy support. The Hang Seng Tech index rose 22%. China’s top policy maker said the country will take measures to support the economy and keep its capital markets stable. Pinduoduo’s US-listed shares rose 31%, while JD Alibaba’s both rose ~20%.
“Bitcoin is on track to close the week with bullishness”
Bitcoin also reacted to this development, breaking upward amid the tense atmosphere of geopolitical warfare in Europe and an upcoming announcement from the US Federal Reserve about interest rates. The latest news from the Ukraine-Russia peace talks further boosted BTC’s performance as negotiators reportedly approaching some kind of peace plan. According to William Suberg, the short-term outlook for traders is slowly but surely starting to look more promising. Crypto analyst alias Rekt Capital shared the following predictions on his Twitter account:
BTC is currently gearing up for a weekly close circled in green. A one-week close above the red ~$38,000 area, like the green circle in mid-2021, could be the confirmation BTC needs to eventually attempt to move beyond $43,100 (black).
Michaël van de Poppe, another crypto analyst, attended the FOMC meeting and Drawing attention to the interest rate decision to be taken, he commented:
All eyes are on the FOMC meeting, which will likely result in a fake move before the real move and then result in a general panic move as the markets are determined by panic moves.
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