Last week (between March 17 and 24), bitcoin reached support at US$ 42,700 and currently sits above this range. For the Transfero team, this is a good sign that the bullish movement is gaining momentum and, as a consequence, there is the possibility of a bullish run to the US$ 47,000 price.
However, analysts warn that it is good to watch for false breakouts. “This has already been seen three times at this very point, as analyzed in the chart above. Therefore, in the coming days, it is essential that the price close remains above US$ 42.7 thousand to consolidate the bullish movement”, Transfero said.
As the chart above shows, the interest in call options has increased considerably in relation to the number of puts. For the Transfero team, this is a sign that investors are confident in the bullish movement for the coming days.
However, it is essential to note that although the bullishs are getting the upper hand over the bearishs, investors are wary of the U.S. Federal Reserve’s interest rate hike. “This increase may lead many investors to hedge in U.S. Treasuries and the dollar, thus decreasing exposure to cryptocurrencies and causing the market to suffer a decline”, the analysts said.
Thus, Transfero recommends paying attention to the FED news and the US$ 42.7,000 support, as the resumption of the uptrend for the coming months depends on it.
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