🔻Bitcoin, Ethereum Technical Analysis: BTC Falls Below $22,000, as Powell Warns of Higher Rates
Bitcoin moved below the $22,000 level on March 8, as markets continued to react to U.S. Fed Chair Jerome Powell’s testimony. Speaking in front of the Senate Banking Committee, Powell said he expected rates to be higher than initially anticipated. Ethereum has also slipped on the news.
Bitcoin (BTC) dropped below $22,000 on Wednesday, following yesterday’s comments from U.S. Federal Reserve Chair Jerome Powell.
🗣Speaking yesterday, Powell stated that “the ultimate level of interest rates is likely to be higher than previously anticipated.”
BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after residing at a peak of $22,421.42.
Bitcoin chart by TradingView
🟢 The move transpired following a breakout of a key support point at $22,300, which coincided with the relative strength index (RSI) falling from a floor of its own at 42.00.
🟢 As of writing, the index is now tracking at 40.36, with a lower floor at 38.00 a possible target for bears.
🟢 Should this point of support be reached, there is a strong chance that BTC will be trading close to the $21,600 mark.
🟢 Although also in the red, ethereum’s (ETH) decline was significantly more muted than that of its counterpart.
🟢 Following a high of $1,568.23 on Tuesday, ETH/USD marginally moved to a low of $1,543.13 during today’s session.
🟢 As a result of the move, ethereum briefly broke out of a historic area of support at $1,550 earlier in the day.
Ethereum chart by TradingView
🟢 Currently, ETH is back above this point, and is trading at $1,557.87, which comes as the RSI hovers above a recent deck of its own.
🟢 At the time of writing, price strength is at 43.54, which is above a floor at 43.00, having been in place since February 13.
🟢 Should this level hold firm, ETH bulls will likely attempt to buy more of this week’s dip in price.
Bitcoin moved below the $22,000 level on March 8, as markets continued to react to U.S. Fed Chair Jerome Powell’s testimony. Speaking in front of the Senate Banking Committee, Powell said he expected rates to be higher than initially anticipated. Ethereum has also slipped on the news.
Bitcoin (BTC) dropped below $22,000 on Wednesday, following yesterday’s comments from U.S. Federal Reserve Chair Jerome Powell.
🗣Speaking yesterday, Powell stated that “the ultimate level of interest rates is likely to be higher than previously anticipated.”
BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after residing at a peak of $22,421.42.
Bitcoin chart by TradingView
Ethereum chart by TradingView
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This was the lowest point for the token since the last week of January, and led to price strength moving deep into bear territory.
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The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement.
USTUSDC chart by TradingView
According to sources, the DOJ’s probe is not much different from the SEC’s allegations, and investigators are also looking into the relationship between Terraform Labs (TFL) and the South Korean payment firm Chai. The co-founder of TFL, Daniel Shin, created the payment firm Chai, and it has been alleged that the company helped Terra launder funds. Several social media reports have shown that Terraform Labs and Chai had an unusual relationship. In mid-November 2022, it was reported that South Korean investigators were probing Chai and Daniel Shin.
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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week.
The financial institution’s three verticals are still operating as they were before SVB was placed into FDIC receivership. SVB Financial Group stated that it holds “approximately $2.2 billion of liquidity” and has funded debt of “approximately $3.3 billion.” The financial company also has $3.7 billion of outstanding preferred equity, which will be utilized to evaluate strategic alternatives, as per the firm’s explanation.
🗣“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,” the chief restructuring officer for SVB Financial Group, William Kosturos, said in a statement. “SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams.” Kosturos continued:
SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank. We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities.
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Solana (SOL) moved closer to a one-month high to start the week, as prices surged by as much as 10% in today’s session.
Following a low of $21.59 on Sunday, SOL/USD raced to an intraday peak of $23.83 earlier in the day.
As a result of Monday’s move, solana has now moved to its strongest point since late-February.
Overall, the token is now trading nearly 10% higher from the same point last week, when price was below $20.00.
Today’s surge has come following a breakout of a ceiling on the 14-day relative strength index (RSI).
As of writing, the index is tracking at 58.85, which is marginally higher than its ceiling at the 57.00 mark.
In addition to SOL, chainlink (LINK) was also in the green to start the week, with prices trading by as much as 3% higher.
LINK/USD rose to a peak of $7.38 earlier in the day, which comes less than 24 hours after falling to a low of $6.99.
This surge has seen chainlink move to its highest level since March 2, when the token was trading at a high of $7.57.
Like with solana, a catalyst for the move was a breakout which took place on the RSI indicator.
As of writing, the index is tracking at 57.00, which is marginally higher than the aforementioned resistance at 55.00
Should this upward momentum continue in the coming days, LINK will likely collide with a ceiling at $7.60.
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🔻Bitcoin moved below $28,000 on Thursday, as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted to increase rates by 25 basis points (bps) as many had anticipated, and signal one more hike this year. Ethereum was also lower on the news, falling below $1,800.
The Fed moved to increase rates by 25 basis points, whilst signaling that no cuts will be made this year.
From the chart, the decline appears to have come as a result of the relative strength index (RSI) failing to break out of a ceiling at 72.00.
As of writing, the index is tracking at 66.54, with the next visible point of support at the 62.00 mark.
Overall, prices are still relatively overbought, which could lead to further bears reentering the market in the coming days.
In addition to BTC, ethereum (ETH) was also back in the red on Thursday, with prices moving below $1,800.
Following a high of $1,821.46 on Wednesday, ETH/USD declined to a low of $1,717.77 earlier in today’s session.
As a result of the slippage, ethereum neared a recent point of support at the $1,715 mark, however bulls have so far rejected a breakout.
Looking at the chart, the 10-day (red) moving average remained in an upward trend, which could be a sign of future bullish momentum.
At the time of writing, ethereum is tracking at $1,756.34.
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MAPay and its crypto subsidiary MPayz, a global healthcare technology firm with a focus on decentralized payment networks, unveiled its partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India, to provide NFT technology that will store personal health data on the blockchain for the first time. Built on Algorand, the first deployment will introduce upwards of 100 million NFTs for this purpose.
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Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve’s continued rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar. He expects the next crash to be the “$1 quadrillion derivatives market.”
The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated his warnings of market crashes and the danger of the Federal Reserve raising interest rates this week. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Thursday:
Raising interest rates will crash stocks, bonds, real estate, & $ U.S. dollar. Next crash: $1 quadrillion derivatives market. $1 quadrillion is $1 thousand trillion.
The Federal Reserve raised interest rates by 25 basis points (bps) on Wednesday. While a number of people expect the Fed to start cutting rates soon, Fed Chair Jerome Powell said that rate cuts are not in the Fed’s base case.
This was not the first time Kiyosaki has warned about stocks, bonds, real estate, and the U.S. dollar crashing. Last week, the famous author discussed a “crash landing ahead” as bank bailouts began following the collapse of major banks, including Silicon Valley Bank and Signature Bank. He also predicted the end of the U.S. dollar, calling the USD “fake money.”
The renowned author also recently predicted that the world economy is on the verge of collapse, expecting bank runs, frozen savings, and bail-ins. In February, he said that everything will crash. Earlier this year, he said we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness.
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve’s continued rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar. He expects the next crash to be the “$1 quadrillion derivatives market.”
The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated his warnings of market crashes and the danger of the Federal Reserve raising interest rates this week. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Thursday:
Raising interest rates will crash stocks, bonds, real estate, & $ U.S. dollar. Next crash: $1 quadrillion derivatives market. $1 quadrillion is $1 thousand trillion.
The Federal Reserve raised interest rates by 25 basis points (bps) on Wednesday. While a number of people expect the Fed to start cutting rates soon, Fed Chair Jerome Powell said that rate cuts are not in the Fed’s base case.
This was not the first time Kiyosaki has warned about stocks, bonds, real estate, and the U.S. dollar crashing. Last week, the famous author discussed a “crash landing ahead” as bank bailouts began following the collapse of major banks, including Silicon Valley Bank and Signature Bank. He also predicted the end of the U.S. dollar, calling the USD “fake money.”
The renowned author also recently predicted that the world economy is on the verge of collapse, expecting bank runs, frozen savings, and bail-ins. In February, he said that everything will crash. Earlier this year, he said we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness.
The Alibaba growth sentiment has spread to the entire Chinese sector with the shares of other competing firms soaring following the news.
According to the company, the 6 subdivisions will help unleash its shareholder value and each of them can pursue an Initial Public Offering (IPO) whenever they are ready.
The second subdivision is the Taobao Tmall Commerce Group which will cater to all online shopping platforms including Alibaba’s Taobao and Tmall.
Alibaba also revealed that Cainiao Smart Logistics will cater to all of its logistics demands with the Global Digital Commerce Group spun to focus on its cross-country e-commerce business including AlieExpress and Lazada.
The restructuring of the Alibaba business will benefit Chinese consumers a great deal as the split will open up avenues for more competition across the board. This positioning was backed by Spier who believes the move will be better for the entire Chinese tech ecosystem.
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Dogecoin (DOGE) climbed higher on Saturday after lawyers for Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped.
In a statement, Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Litecoin (LTC) was another notable gainer to start the weekend, as the token also neared a one-week high. LTC/USD surged to an intraday high of $93.85, less than 24 hours after prices were trading at a low of $88.34.
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Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets.
Bitcoin (BTC) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high.
BTC/USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday.
As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point.
On the other hand, ethereum (ETH) was mostly higher in today’s session, as bullish sentiment made an unexpected return.
Following a low of $1,771.15 to start the week, ETH/USD climbed to an intraday high of $1,871.35 on Tuesday.
Tuesday’s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957.
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Biggest Movers: DOGE Down 8% as Twitter Removes Logo
Dogecoin was once again in the red on Friday, as Twitter finally removed the doge icon as its logo. The meme coin raced to a four-month high earlier in the week, after the social media giant unexpectedly added a cartoon image of doge on its website. Overall, crypto markets were mostly lower, with xrp a notable exception.
Dogecoin (DOGE) fell for a fourth consecutive session on Friday, as Twitter finally removed the doge icon as its logo.
DOGE/USD surged to a high of $0.1048 on Tuesday, however as sentiment shifted, the meme coin fell to a low of $0.08185 earlier today.
Bears appear to be pushing doge towards a long-term floor at $0.0780, with prices down by nearly 9% today.
Looking at the chart, the latest drop in price coincided with the 14-day relative strength index (RSI) falling below support at 55.00.
Currently, price strength is tracking at the 52.85 mark, with a lower floor at 50.00 a possible target for sellers.
Despite the recent downward trend, the 10-day (red) moving average continues to trend higher.
Despite the cryptocurrency market cap trading mostly lower on Friday, XRP, formerly ripple, was a notable exception.
Following a low of $0.4968 the day prior, XRP/USD moved to a peak at $0.5129 earlier today.
As a result of the move, bulls pushed the token away from a recent support point at the $0.4950 mark.
This comes as the RSI also moved away from a floor of its own at 59.00. It is currently tracking at 61.17.
Should this momentum continue into the Easter weekend, the next visible ceiling will be at the 65.00 mark.
If this point is reached, there is a good chance that XRP will be trading above $0.5200.
Dogecoin was once again in the red on Friday, as Twitter finally removed the doge icon as its logo. The meme coin raced to a four-month high earlier in the week, after the social media giant unexpectedly added a cartoon image of doge on its website. Overall, crypto markets were mostly lower, with xrp a notable exception.
Dogecoin (DOGE) fell for a fourth consecutive session on Friday, as Twitter finally removed the doge icon as its logo.
DOGE/USD surged to a high of $0.1048 on Tuesday, however as sentiment shifted, the meme coin fell to a low of $0.08185 earlier today.
Bears appear to be pushing doge towards a long-term floor at $0.0780, with prices down by nearly 9% today.
Looking at the chart, the latest drop in price coincided with the 14-day relative strength index (RSI) falling below support at 55.00.
Currently, price strength is tracking at the 52.85 mark, with a lower floor at 50.00 a possible target for sellers.
Despite the recent downward trend, the 10-day (red) moving average continues to trend higher.
Despite the cryptocurrency market cap trading mostly lower on Friday, XRP, formerly ripple, was a notable exception.
Following a low of $0.4968 the day prior, XRP/USD moved to a peak at $0.5129 earlier today.
As a result of the move, bulls pushed the token away from a recent support point at the $0.4950 mark.
This comes as the RSI also moved away from a floor of its own at 59.00. It is currently tracking at 61.17.
Should this momentum continue into the Easter weekend, the next visible ceiling will be at the 65.00 mark.
If this point is reached, there is a good chance that XRP will be trading above $0.5200.
Bitcoin Price To Breakout Above $30000 In Another Massive Move This Week
Bitcoin price has rallied over 70% this year, hitting a nine-month high of $29,159.
Several notable analysts predict another massive move this week to push BTC price beyond the psychological level of $30,000 as technical, macro, and on-chain analysis indicates a bullish breakout.
https://coingape.com/bitcoin-price-to-breakout-above-30000-in-another-massive-move-this-week/?bn
Bitcoin price has rallied over 70% this year, hitting a nine-month high of $29,159.
Several notable analysts predict another massive move this week to push BTC price beyond the psychological level of $30,000 as technical, macro, and on-chain analysis indicates a bullish breakout.
https://coingape.com/bitcoin-price-to-breakout-above-30000-in-another-massive-move-this-week/?bn
Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs.
At the same time, the U.S. share of the global economy is around 15%, in purchasing terms. So the role of the dollar is far larger than the role of the U.S. economy.
The economist further remarked that the current role of the U.S. currency is largely due to the dollar-based commercial banking system as the payments are usually settled through commercial banks. However, Sachs is convinced that in the future, payments are going to be settled through central bank digital currencies.
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Dogecoin snapped a two-day losing streak on Thursday, as sentiment in crypto markets remained bullish. The meme coin moved to a one-week high, moving away from a key price floor in the process. Solana rose for a fifth straight session.
Dogecoin (DOGE) ended a two-day losing streak in today’s session, as prices rose by over 5% on Thursday.
Following a low of $0.0821 on Wednesday, DOGE/USD raced to a peak of $0.08838 earlier in today’s session.
As a result of the move, the meme coin continued to to move away from a key level of support at $0.0810.
From the chart, it appears that today’s surge came as the relative strength index (RSI) broke out of a ceiling at 55.00.
Currently, price strength is tracking at the 56.65 level, with a resistance of 60.00 a possible target for bulls.
Should this target be hit, there is a strong possibility that DOGE will be above $0.09000.
Solana (SOL) was once again in the green, as the token rose higher for a fifth straight session.
SOL/USD moved to an intraday high of $25.24 earlier in today’s session, which comes a day after the price was at a low of $23.43.
This jump in price sent solana to its highest point since February 21, and closer to a key resistance level at $26.00.
Overall, recent gains have pushed the RSI deep into overbought territory, with the index currently tracking at 69.27.
This level is marginally below an upcoming ceiling at 70.00, which has already acted as a hurdle for earlier bulls.
At the time of writing, SOL is currently trading at $25.00, which is relatively lower than its earlier peak.
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U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar.
Janet Yellen, Treasury Secretary of the United States, has referred to the possible effects that continued use of sanctions could exert on the hegemony of the U.S. dollar in international markets.
On the issue, she stated:
Yellen recognizes that such sanctions push countries like
This is the same conclusion that a report from the Bank of Russia, titled “Review of the Russian Financial Sector and Financial Instruments” reached, stating that substituting the U.S. dollar will be difficult due to the current structure of foreign trade.
Even with all the difficulties, countries with individuals and entities sanctioned by the Office of Foreign Asset Control (OFAC) like China, Russia, and Iran, are starting to develop integration policies that allow them to conduct trade away from the U.S. dollar.
China and Russia have already started to conduct settlement transactions using the Chinese yuan, leveraging specially designated banks as clearing entities to facilitate these payments.
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