Bitcoin (BTC) returned above $41,000 ahead of the Wall Street open on March 16 as good news from Asia and Russia buoyed stocks.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
BTC on track to close the week higher
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD kept $41,000 in focus after the Chinese government promised new economic support.
Beijing announced the move after weeks of tumultuous action in Chinese markets, with tech stocks suffering particularly.
Now, Vice Premier Liu He said, the government would “actively issue market-friendly policies,” media outlets including the South China Morning Post reported.
The result was a strong rebound in local markets, with Hong Kong’s Hang Seng Index gaining more than 20% on the day.
US-listed Chinese stocks jump as Beijing pledges political support. The Hang Seng Tech Index gained 22%. #ChinaChina’s top policymaker said the country would implement measures to boost the economy and keep its capital markets stable. US-listed Pinduoduo shares rose 31% and JD Alibaba rose ~20%. pic.twitter.com/oqshIalFJi
— Holger Zschaepitz (@Schuldensuehner) March 16, 2022
Bitcoin also reacted by breaking higher amid a tense geopolitical atmosphere of warfare in Europe and an impending announcement on interest rates from the US Federal Reserve.
The latest news from the Ukraine-Russia peace talks further boosted performance, with negotiators supposedly approaching a kind of peace plan.
For traders, the short-term outlook was slowly but surely starting to look more promising.
#BTC is setting up for a weekly close with a green circle right now
A weekly close above the ~$38,000 red area, just like the mid-2021 green circle, could be confirmation $BTC finally you need to try a break beyond $43100 (black)#crypto #bitcoin pic.twitter.com/ixpOYtn8Mf
— RektCapital (@rektcapital) March 16, 2022
“All eyes on the FOMC meeting, which will likely result in a false move first, before the real move, and then end in a panic move overall, as markets are determined by panic moves” , Michaël van de Poppe, Cointelegraph contributor. aggregate.
The FOMC, or Federal Open Market Committee, was due to report at 2 p.m. ET on Wednesday, followed by a press conference by Fed Chairman Jerome Powell at 2:30 p.m.
US Stocks Follow China’s Lead After S&P 500 “Death Crossing”
Meanwhile, despite a “death cross” in the S&P 500 on Tuesday, US markets started Wednesday in the green.
Related: Bitcoin Risks Final ‘Bear Market Capitulation’ As Wealthy Investors Continue BTC Selloff: Analyst
The S&P gained 1.3% at the open, while the popular Nunya Bizniz Twitter account noted that both that index and Bitcoin have historically tended to bottom out right after such a crossover occurs.
A death cross refers to the 50-period moving average crossing below the 200-period moving average during downturns.
Crosses of death of the S&P500 and BTC:
The Cross of Death happened yesterday. (50 days ma below 200 ma.)
There have been crossovers near the lows of both the S&P500 and Bitcoin.
This time? pic.twitter.com/FUBB3Pvonq
— Nunya Bizniz (@Pladizow) March 16, 2022
This post BTC Price Surpasses $41K as Hopes for Peace in Eastern Europe Push Bitcoin Higher
was published first on https://cointelegraph.com/news/btc-price-cracks-41k-as-hopes-of-peace-in-eastern-europe-send-bitcoin-higher
