If you ask Edward Moya of Oanda, Bitcoin is ready for a so-called consolidation phase. A consolidation phase often follows a period in the market in which prices were extremely volatile. Moya expects Bitcoin to calm down for a while before the next major price movement occurs.
‘Market remains bullish’
BitBull Capital’s Joe DiPasquale shares with Coindesk that his firm had been betting on a correction to the $25,000 price following last week’s US Federal Reserve interest rate decision.
“For now, the bulls want to see Bitcoin respect the $25,000 rate and consolidate above it. (…) If Bitcoin loses the $25,000 mark, it could spell the end of this rally,” said DiPasquale.
In itself, it is strange that traders are so disappointed with the Federal Reserve’s interest rate hike, because we knew in advance that the probability of a 0.25 percent hike was quite high. In that respect, it came as no surprise to the professionals in the market at all.
Open with a plus
In any case, Bitcoin started the last week of March with a nice plus. For the past 24 hours, a solid 1.00 percent increase is on the cards, bringing the price to $27,789 per Bitcoin.
With that, Bitcoin can write down a market cap of $ 537 billion and it is still many times larger than the number two Ethereum, which has a market cap of $ 214 billion.
It’s hard to say what the rest of the week will bring at this point. Everything depends on the further course of the banking crisis and these are unpredictable creatures. In that sense, we can do nothing but sit back and wait for news.