Bitcoin regained control of $41,000 prior to the opening of Wall Street on March 16 as good news from Asia and Russia boosted stocks.
Bitcoin On Track To Close Week Higher
iexclusivenews reports that data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining $41,000 as a focus after the Chinese government promised fresh economic support.
Following weeks of turbulence on Chinese markets, Beijing announced the move, with IT stocks taking the brunt of the losses.
iexclusive News Nigeria reports that according to the South China Morning Post. Vice Premier Liu He, stated that the government would “actively release policies advantageous to markets.”
The consequence was a sharp rally in local markets, with Hong Kong’s Hang Seng Index surging more than 20% on the day.
US-listed Chinese stocks jump as Beijing pledges policy support. Hang Seng Tech index gained 22%. #China's top policymaker said country would roll out measures to boost the econ & keep its capital markets stable. US-listed shares of Pinduoduo jumped 31%, JD Alibaba both up ~20%. pic.twitter.com/oqshIalFJi
— Holger Zschaepitz (@Schuldensuehner) March 16, 2022
Bitcoin reacted as well, breaking higher amid a tense geopolitical backdrop of war in Europe and the US Federal Reserve’s approaching interest rate announcement.
This online news outlet reports that the recent news from the Ukraine–Russia peace talks boosted performance even further.
With negotiators allegedly close to reaching an agreement.
For traders, the short-term prognosis was gradually but steadily becoming more promising.
#BTC is setting itself for a green-circled Weekly Close at this time
A Weekly Close above the red ~$38000 area, just like in the mid-2021 green circle, could be the confirmation $BTC needs to finally attempt a break beyond $43100 (black)#Crypto #Bitcoin pic.twitter.com/ixpOYtn8Mf
— Rekt Capital (@rektcapital) March 16, 2022
“All eyes on FOMC meeting, which will probably result into a fake-out move first, before the real move, and then actually end up in a panic move overall as markets are determined through panic moves,” Cointelegraph contributor Michaël van de Poppe added.
The FOMC, or Federal Open Market Committee, was scheduled to release its report at 2:00 p.m. Eastern time on Wednesday, with Fed Chair Jerome Powell holding a press conference at 2:30 p.m.
U.S. stocks follow China lead after S&P 500 “death cross”
Despite a “death cross” on the S&P 500 Tuesday, meanwhile, U.S. markets began Wednesday in the green.
On the open, the S&P 500 rose 1.3%, while Nunya Bizniz, a prominent Twitter account, remarked that historically, both that index and Bitcoin have tended to bottom shortly after such a cross.
S&P500 Death Crosses & BTC:
Death Cross occurred yesterday. (50day ma below 200ma.)
Crosses have occurred in close vicinity of lows of both the S&P500 and Bitcoin.
This time? pic.twitter.com/FUBB3Pvonq
— Nunya Bizniz (@Pladizow) March 16, 2022
During downturns, a death cross occurs when the 50-period moving average crosses below the 200-period moving average.
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