Bitcoin
Bitcoin has experienced a modest 3% increase in price over the course of the past week. However, this growth has been erratic, with alternating sessions of growth and decline.
The most significant rise occurred on March 23rd, with BTC increasing by 3.74%. The Federal Reserve meeting held on March 22nd was the main source of news for the markets, and investors were apprehensive prior to the event.
As a result, BTC prices dropped by 3% on Wednesday, March 21st. Despite fears, there were no surprises during the meeting, and Jerome Powell announced a 25-basis point Fed rate hike, as expected by analysts from Coinbase.
On Thursday, the previous day’s fall was recovered, and bitcoin’s price once again exceeded $28,000. However, these volatile movements resulted in significant losses for traders, with around $132 million lost from March 22nd to March 23rd across nearly 70,000 positions in all cryptocurrencies, according to the Coinglass analytical platform.
Nonetheless, the major players in the financial market, such as the CEO of Blackrock, Larry Fink, continue to support the crypto industry. Technical analysis shows that BTC is once again above the death cross, with experts at 99 Bitcoins using the weekly chart and 50-week and 200-week moving averages as a basis.
This is the first time this has happened with Bitcoin on this particular timeframe. Investors are optimistic that BTC is above the critical $28,000 mark, with the previous week’s high of $28,900 serving as the current resistance level and $25,270 as the support level.
Over the course of the week, greed has increased by 10 points to 61, indicating that greed now dominates over fear, despite reaching a higher level of 68 on March 21st.
Ethereum
Similar to bitcoin, the value of ether has experienced minimal fluctuations in the past week, with only a slight decrease of 0.8%. The price changes of both cryptocurrencies appear to follow similar patterns, with alternating green and red candles.
The decision made by the Fed on interest rates has also affected the value of ether, resulting in a drop of 3.8% on March 22, followed by a 4.54% increase. Additionally, there are concerns about the upcoming Shanghai hard fork, but many experts remain optimistic about a bull market.
Max Kalmykov, CEO of Bitsgap, anticipates that the update will bring about positive changes, with support expected around the $1,400 region before growth resumes.
Michael Van De Poppe, founder of Eight Global, shares a similarly optimistic outlook, predicting that the value of Ethereum will reach $2,000, with a potential rollback to a range between $1,680 and $1,725 before the climb.
The Bluntz cryptanalyst also forecasts an increase, citing the Ethereum/Bitcoin pair’s important technical support level of 0.618 Fibonacci as the starting point for a bullish trend.
In terms of support levels, Van De Popp’s estimates fall between $1,740 and $1,680, which aligns with general expectations. The resistance level is expected to hover around $1,860.
Despite concerns about the recognition of ether as a security, there is a silver lining in the form of a reduction in the current supply of tokens, which fell by more than 0.1% annually, reaching a minimum.
Ripple
Over the past week, Ripple’s XRP cryptocurrency has witnessed a notable increase, surging by more than 20% in value on March 21st. During the same period, the cryptocurrency hit a weekly high of $0.4940, while its weekly low was recorded at $0.3683.
Presently, the price has undergone some corrections and is currently at around $0.4210. Notably, the support and resistance levels for XRP are $0.4183 and $0.4940, respectively.
The primary driver of this growth has been news of new developments in resolving legal claims that the American financial regulator, the SEC Commission, brought against Ripple.
Recent legal cases in the US, such as the bankruptcy case of cryptocurrency lending service Voyager, have established a precedent that may have a positive impact on the outcome of Ripple’s legal battles.
Judge Michael Wiles dismissed objections raised by the SEC and approved the bankruptcy plan, which included recognizing XRP tokens as securities. This news has contributed to the recent increase in the value of XRP.
Concjlusion
In the previous week, there has been an overall favorable movement in the value of several cryptocurrencies. However, this progress was considerably influenced by the Federal Reserve’s customary gathering and the financial regulators’ initiatives during the banking crisis.
Notably, specific cryptocurrencies such as XRP exhibited more impressive growth than BTC, which could be attributed to various factors such as news coverage and unique characteristics of alternative coins, rather than just the actions of the Federal Reserve.