Bitcoin price jumps 21% in 24 hours, trades above $24k Bitcoin BTC Bitcoinprice
- The cryptocurrency market is in a much better position than it was on Friday, as the move by the U.S. government to step in and put a halt to the spreading banking contagion turned into a boon for crypto prices, leading some traders to proclaim an end to quantitative tightening and a return to easy money policies.
Data provided by TradingView shows that after trading near $20,300 for most of the weekend, Bitcoin price began to rally on Sunday afternoon and got an additional boost with the emergency announcement on Monday to hit a daily high at $24,617, a turnaround of 21.2% in less than 24 hours.The rapid turnaround led to a sharp rise in March Bitcoin futures, according to the morning BTC update from Kitco senior technical analyst Jim Wyckoff.
While the recent price movements in Bitcoin seemed to be haphazard and at the whims of traders in the market, a closer look at the chart shows that “The correction on BTC came to an end at the 200-DMA [Daily moving average]/ 0.236 fib retracement level,” according to analysts at Eight Global, who added that “daily candle closes were all in the support region we had marked at $20,077 - 20,665.”After the U.S.
At the time of writing, BTC is trading slightly above $24,000, but a strong daily close above this level is needed for a flip of resistance into support to be considered.
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