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Bitcoin Price Rocks $41K As Hopes Of Peace In Eastern Europe Send It Higher

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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.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

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.

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.

“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.

During downturns, a death cross occurs when the 50-period moving average crosses below the 200-period moving average.