Benzinga – Major coins traded in the red on Sunday evening, as investors considered the potential consequences of major events in March such as bank failure, inflation and cryptocurrency-related regulatory actions.
| Bitcoin (CRYPTO: BTC) | -1.36% | $28,027 |
| Ethereum (CRYPTO: ETH) | -1.66% | $1,785 |
| Dogecoin (CRYPTO: DOGE) | -5.78% | $0.078 |
What Happened: The cryptocurrency market was shaken by volatility, but Bitcoin (CRYPTO: BTC) gained about 24% in March.
Top Gainers (24 Hours)
| Aptos | +4.59% | $11.71 |
| Ripple | +2.50% | $0.51 |
| EOS | +2.40% | $1.22 |
At the time of writing, the global crypto market capitalization stood at $1.17 trillion, a decrease of 1.34% over the last day.
U.S. stocks soared on Friday, responding to news that the Federal Reserve‘s preferred measure of inflation has shown a smaller-than-expected rise in prices. The S&P 500 jumped 1.44%, while the Nasdaq Composite increased by 1.74%.
See More: Best Crypto Day Trading Strategies
This week, investors will have a fresh batch of employment and economic performance data to suss out whether the U.S. economy is picking up steam or continuing to slip as recent indicators suggest. On Tuesday, the US Census Bureau will release its report on durable goods orders in February, with analysts expecting a 1% drop month-over-month. On Friday, the US Labor Department will reveal its report on nonfarm payrolls and the unemployment rate for March.
News Highlights: The Arbitrum Foundation has agreed to split a contentious governance package into several individual votes, following a series of protests from holders of its ARB token.
“AIP-1 is too large and covers too many topics. We will follow the DAO’s advice and split the AIP into parts,” said the Community Lead with the handle Eli_Defi in Arbitrum’s Discord server.
Analyst Notes: Pseudonymous analyst “Rekt Capital” observed that when Bitcoin breaks a certain market trend line, it usually leads to an uptrend. However, in 2015 there was a retest before the uptrend. If Bitcoin dips in April or May, it may be one of the last times it goes below $25,000 for a while.
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Historically, when #BTC has broken the Macro Downtrend, a macro uptrend followed
In 2015 however, there was first a $BTC retest of the Downtrend before upside
If a dip occurs this April or May, it could be one of the last visits below ~$25K for several months#Crypto #Bitcoin pic.twitter.com/bnKh7wUNJv
— Rekt Capital (@rektcapital) April 2, 2023
Based on the chart provided by ‘Altcoin Sherpa’, Bitcoin appears to have broken out of a descending triangle pattern and is currently on an upward trend. The analyst has placed a price target of $36,000 for Bitcoin.
$BTC: Target acquired at 36k#Bitcoin pic.twitter.com/kiVklOqrj6
— Altcoin Sherpa (@AltcoinSherpa) April 3, 2023
According to analyst Jason Pizzino, Bitcoin is showing signs of being in the final phase of the accumulation schematic. This suggests that Bitcoin is preparing for a period of price rises. Pizzino notes that confirmation of this phase may take one or two more weeks on the chart, and it will most likely happen if Bitcoin breaks above the 50% level, which is around $42,000. However, Pizzino also cautions that Bitcoin still needs to test the low to mid-$30,000 range before moving higher. Overall, while the accumulation phase is coming to an end, it hasn’t quite arrived yet.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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