Is that a Fed pivot? BTC surges into a volatile new week.
The bulk of the recovery from its March 10 lows of under $20,000 came following the Fed liquidity announcement, but this nonetheless fully erased any trace of the SVB implosion.“Bitcoin recovered from the biggest US bank collapse since 2008... in just 3 days,” popular commentator Bitcoin ArchiveAmong traders, targets remained varied as volatility still moved BTC/USD up and down prior to the open.
Bitcoin’s weekly close thus came in far higher than expected at more than $22,000. For trader and analyst Rekt Capital, this “likely” put pay to the bearish double top pattern previously playing out on weekly timeframes.Further analysis nonetheless gave April as the nearest point that Bitcoin could begin to effect a longer-term trend change.“As long as ~$20000 holds, $BTC has a chance at challenging the Macro Downtrend in the coming weeks once again At the earliest this April.
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