general

Bitcoin erases the gains made in the last 24 hours and hopes for a quick recovery dwindle

Bitcoin erases the gains made in the last 24 hours and hopes for a quick recovery dwindle

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Bitcoin erases the gains made in the last 24 hours and hopes for a quick recovery dwindle

Bitcoin, the largest cryptocurrency, moved in rapid up and down, or the so-called “Bart Simpson” rebound pattern, smashing the hopes of the bulls.

The pattern, named after Simpson’s haircut, forms when a sudden price hike follows a sharp fall.

Crypto analyst Alex Krueger tweeted about the rapid Bitcoin movement:

Another bitcoin bar.

just awesome.

Earlier in the day, the cryptocurrency jumped to nearly $41,800, printing a huge green candle on the hourly chart.

To the dismay of the bears, an equally large red candle followed shortly thereafter.

Read:NEO management in talks with CELR project to explore ways to expand

At the time of the article’s publication, Bitcoin has fallen to the level of $39,700.

Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin’s performance will remain weak in the near future due to market sentiment towards risk.

However, he still believes that the leading cryptocurrency could be worth half a million dollars in the next five years.

On Wednesday, the US Federal Reserve is widely expected to announce its first rate hike in years.

The market appears to have demonstrated a 25 basis point increase, but there is always room for surprises.

If the Fed does not start a tightening cycle on March 16, it will give Bitcoin a significant boost, but such a scenario seems highly unlikely.

In February, banking giant Goldman Sachs predicted that the Federal Reserve would have to raise interest rates seven times in 2022.

The central bank is under tremendous pressure to tame out-of-control inflation, which has recently reached its 40-year peak.

The Fed’s aggressive shift to tightening paints a bleak picture for risky assets like technology stocks and bitcoin.

In other words, raising interest rates will not be in favor of Bitcoin.

Read:FCA report reveals the number of cryptocurrency holders in the UK

Read also:

Japan fines cryptocurrency exchanges for violating Russia sanctions

Cardano founder praises the rate of building projects on the Cardano blockchain and sees a boom on the way


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
HSBC Bank enters the world of “Metaverse” through partnership with “Sandbox”
Next post
Japan fines cryptocurrency exchanges for violating Russia sanctions