Ten days have passed since Bitcoin exploded on March 11. In these ten days, Bitcoin has risen by 40%, and Ethereum has risen by 30%. Most of the altcoins were previously sucked away by Bitcoin. XRP, which had been quiet for a long time, rose by 30% last night. Is this a signal that the market strength is beginning to change?
Looking back at the market since this year, in January and February, the market mainly hyped around these hot projects and hot events. The more popular projects have increased by 2 to 3 times this year, not to mention CFX, a dark horse. Starting from late February, the Bitcoin annual line has been unable to break through for a long time and started to pull back. The market fell into a liquidity crisis due to the hawkish remarks of the Federal Reserve on rate hikes. Several large banks went bankrupt one after another. Until March 11, a large amount of safe-haven funds continued to pour into the cryptocurrency circle, and BTC broke through the annual line in one fell swoop and continued to rise.
At this stage, Bitcoin continues to fluctuate strongly above $28,000. Tonight at 2 a.m., another critical node will come, when the Federal Reserve will announce the latest interest rate hike decision. Due to the emergence of a series of black swan events, the market believes that the probability of a 25 basis point rate hike is 80%. Regardless of the outcome, the 2 a.m. decision will definitely bring short-term volatility to the market. As for whether the cottage industry will make up for the rise and whether the market strength will change, the hero believes that it is likely to be after the interest rate hike decision is announced. Everyone can pay attention to the movement of Ethereum. If Ethereum takes the lead in making up for the rise, the cottage industry will have the hope of making up for the rise and the market strength will change.
Market Analysis
Bitcoin is now fluctuating strongly above 28,000, but from the 4-hour chart, it has already deviated seriously, and the daily deviation rate is too high. Even if it wants to rise again, it will take a period of fluctuation or a rapid correction. The result of tonight's interest rate hike will cause Bitcoin to fluctuate sharply. Once the result of the interest rate hike is in line with expectations, some of the safe-haven funds that entered the market before may withdraw. Support level: 27,500 Pressure level: 29,000
Since Bitcoin diverged from the strong rise, Ethereum has started to fluctuate and no longer follow Bitcoin. However, Ethereum is still weak due to the positive expectations of Shanghai's upgrade. Pay attention to whether Ethereum's support near 1730 is strong when Bitcoin pulls back. If Bitcoin pulls back and Ethereum is strongly supported, there will be a chance for a rebound in the later period. Support level: 1730 Resistance level: 1830
