Another positive week for cryptocurrencies. In less than a week, bitcoin has risen in price against the dollar by 8.18%, to $44,640. On the Binance exchange, the maximum for the BTC/USDt pair is fixed at $45,094.
The growth of US stock indices contributed to the strengthening of cryptocurrencies, while the activity of buyers was restrained by the growth of the dollar index. The dollar has risen in price on forex against major currencies in anticipation of an aggressive rate hike by the Fed by 50 bp. in May to combat high inflation.
On Friday, Bitcoin received a boost after State Duma Energy Committee Chairman Pavel Zavalny said governments friendly to Moscow could soon be given the option to pay their gas bills in cryptocurrency. After testing the $45,000 level, the price corrected.
The bitcoin rate has crept up to the upper limit of the $34,000–$45,500 price range, which has been formed since the beginning of the year. To break the bearish trend, buyers need to gain a foothold above $46,000 and then prevent sellers from returning below $44,500 within a week. The nearest target for two weeks is the level of $51,000 (target 2).
On the daily chart, I made a detailed markup of important levels. It clearly shows two channels "A-A" and "B-B". The $46,000 resistance formed from the tops of $45,821 and $45,400. It can be assumed that with the current volatility, the stops are worth $46,000. Therefore, if buyers take them down, they will first hit the $48,300 level through the A-A channel. Here we are already looking at the altos. Without a sharp rebound down and continued growth of US indices, we can consider the recovery of the BTC/USDt pair to the level of 51 thousand.
Below the chart are indicators of correlation with the futures on the SP500 index. The first indicator has a period of 90 days, the second - 30 days.
During the week from March 28 to April 3, the focus of traders will be two speeches by the head of the US Federal Reserve, J. Powell, and a report on the US labor market for March, scheduled for Friday. As the topic of Fed interest rates haunts investors, increased volatility is expected next week.
