BTC still in range with neutral indicators
The financial world is still circling around the war in Ukraine and the general sentiment is that this is not going to stop very soon. Bitcoin and broader crypto market saw mostly sideways movement with some volatility connected to news and sentiment change. In past week most of the noise was made from Biden's executive order on cryptocurrency regulations, USFederal Reserve’s announcement about increasing interest rates and EuropeanParliament’s Committee on Economic and Monetary Affairs vote against a version of the Markets in Crypto Assets, or MiCA, bill that could have effectively banned proof-of-work-based cryptocurrencies within the EU. This comes as a huge relief for the crypto industry, whose representatives had previously warned about the threat of a hard regulatory scenario. Bitcoin has been following an ascending trendline since Jan. 22. The line has been validated numerous times, but not broken. Technical indicators are mixed and more or less in a neutral position, indicating more range trading. All major altcoins were moving in a similar pattern, waiting forBTC to show direction. On Wednesday the Fed announced it would raise rates by 25basis points to 0.5% — the first such move since 2018. The decision was accepted as bullish among traders as the FED seems more careful and they are less hawkish. This pushed the stock market up and also Bitcoin with broader markets followed.
Bitcoin failed to overtake $42,000 for now, but is still maintaining a higher low pattern, marking bullish momentum is still in play. In the majority of time frames, technical indicators are neutral. This is especially evident in the RSI and MACD, which are close to 50 and 0, respectively. These readings are considered signs of a neutral trend.
Bitcoin failed to overtake $42,000 for now, but is still maintaining a higher low pattern, marking bullish momentum is still in play. In the majority of time frames, technical indicators are neutral. This is especially evident in the RSI and MACD, which are close to 50 and 0, respectively. These readings are considered signs of a neutral trend.
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