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Cryptocurrency News Articles
Crypto Market Rollercoaster: Volatility Spikes After Fed, BOJ Announcements
Mar 25, 2024 at 06:31 pm
The cryptocurrency industry experienced significant volatility last week due to crucial announcements on inflation and interest rates by the US Federal Reserve and the Bank of Japan, resulting in over $1 billion in liquidations.
Cryptocurrency Market Volatility Peaks Amidst Federal Reserve and Bank of Japan Announcements
The cryptocurrency industry experienced significant volatility last week following high-impact news from the United States Federal Reserve and the Bank of Japan regarding inflation and interest rates. The heightened volatility resulted in heavy liquidations exceeding $1 billion.
Market Overview
Bitcoin (BTC) commenced the week trading above $68,300, dipped to $60,700, and concluded at $67,158. A comparable weekly hammer pattern observed on Bitcoin's USD derivative was echoed across major altcoins, led by Ethereum (ETH).
Bitcoin (BTC) Price Targets
Despite Bitcoin dominance hinting at a potential short-term reversal, analysts anticipate a bullish candle closure at the end of the week, coinciding with the conclusion of the March candlestick. With the fourth halving event approaching in four weeks, a "buy the rumor, sell the news" scenario is deemed plausible.
Prominent crypto analyst Michaël van de Poppe suggests that Bitcoin price is likely to retest the resistance level around $70,300, following a bullish resurgence last week.
Ethereum (ETH) Price Targets
ETH price aims to reclaim $4,000 and advance towards a subsequent major target of $4,500 in the near future. Despite a stop hunt that temporarily dropped the price to $3,067, the leading smart contract platform discovered a solid support level near $3,450.
XRP Price Targets
XRP price has formed a cup with handle base pattern, which often indicates a potential for an explosive rally. Following a retest of a macro bullish breakout, XRP price could rapidly close the month trading above 70 cents.
Market Sentiment and Trading Strategy
Given that Bitcoin options worth over $1 billion are set to expire later this week, the cryptocurrency market is expected to remain volatile, a trend that has been prevalent in recent weeks.
In light of this, traders should maintain manageable positions to mitigate the risk of forced liquidations, especially during unexpected stop hunts.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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