Despite the tumultuous twists and turns of March 27, Bitcoin stands strong and steady. As I write this, the overall trend points upwards, offering a hopeful outlook. The opportunity lies with the buyers for now, but they must push the boundaries and surpass the current turbulent state, aiming for a breakthrough above $72,500.
According to recent data, Bitcoin has surged an impressive 5% in the last week, maintaining its steady pace on the trading floor. While buyers remain optimistic about its future, the lack of confirmation from bullish investors may put a damper on the upward trend.
However, there’s no denying the increased activity in the market, with trading volume spiking by 22% in the past 24 hours, reaching a whopping $41 billion.
The following Bitcoin news events may impact price action:
- On March 29 Deribit prepares to settle a whopping $9.5 billion worth of Bitcoin contracts. The stakes are high and the excitement is palpable as data predicts that the majority of these contracts will expire in the money.
- Justice will finally be served today as the infamous Sam Bankman-Fried faces his sentencing. Following his conviction on charges of fraud and money laundering, the prosecution is pushing for a hefty sentence of 40 to 50 years behind bars for the once-respected co-founder.
Bitcoin continues to soar with bullish momentum, unfazed by recent setbacks and periods of consolidation. As of now, BTC stands strong, gaining a solid 1% in the last trading day. Excitement is building among traders as they eagerly anticipate a breakthrough above $73,800.
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With the current trend showing signs of reaching new heights, savvy Bitcoin traders are keeping a close eye on buying opportunities above the middle Bollinger Band and $69,000.
Unforeseen setbacks below $66,500 shatter our optimistic forecast, sending market momentum into the hands of sellers. In this scenario, BTC could plummet to $60,000 or even lower.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.