Bitcoin poised to renew bull run

Bitcoin poised to renew bull run
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 10.04.2023 17:43 (UTC)
Post reading time: 1.7 min
293

Bitcoin trading range narrowed a little last week. The price is above $28,150 currently while Bitcoin price consolidation midway between Fibonacci 161.8 and Fibonacci 261.8 levels continued. The RSI indicator position in neutral zone has not changed. The price bias remains bullish with price set to resume advancing with no indication bulls are about to lose market control to bears.  



Financial markets ended the holiday shortened last week on neutral note. Traders are looking forward now to US inflation data due this Wednesday after March nonfarm payrolls data showed unemployment rate ticked down which prompted a repricing to a 66% chance of the Fed raising interest rates by 25 basis points in its May 2-3 meeting, up from 49.2% on Thursday ahead of the data, according to CME FedWatch tool.  Meanwhile crypto market capitalization hit the highest since June, decentralized exchanges had most volume in ten months while Japan approved a White Paper to promote crypto industry growth in the country.   

 

Bitcoin’s 70% rally this year has lifted total cryptocurrencies market capitalization to the highest level since June. The market cap for digital assets has risen to $1.19 trillion, according to data from CoinMarketCap. Bitcoin’s share of the overall market cap hit a nine-month high of 45.5% last month.

 

Decentralized exchanges had a large jump in cryptocurrency trading volume in March: volume on decentralized exchanges reached $133.1 billion, the third consecutive monthly increase and the highest monthly total since May, according to DefiLlama data. Analysts cite the strongest regulatory pressure in March that focused on centralized exchanges so far that may be leading crypto traders’ shift to decentralized exchanges. And the DefiLlama data suggests that could be happening.

 

Japan's ruling Liberal Democratic Party's Web3 project team has published a white paper. It proposes recommendations for boosting the crypto industry in the country. It says crypto should be taxed only when the assets are exchanged for fiat currency and proposes tax exclusions for companies holding tokens issued by other companies that aren't going to be traded short term. 

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