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The fact that both Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic hinted at the possibility of a 50 basis point hike at the Fed’s next policy meeting on March 21-22 gave investors reasons to adopt a risk-off approach, which led to a pullback in stocks. At the close of markets, the S&P and Nasdaq finished in the red, down 0.47% and 0.66%, respectively, while the Dow managed to eke out a tiny gain of 0.02%.
Further insight into the bullish scenario for Bitcoin was provided by analysts at Eight Global, who noted that the BTC chart shows “that we have a set of equal highs at the top around $25,200.”“These levels contain liquidity and it could be possible that the price will draw towards those levels,” Eight Global said. “What needs to happen if we want to see that is actually a bullish flip of the current resistance area.
According to Eight Global founder Michaël van de Poppe, the Bitcoin price level to keep an eye on that would signal a continuation of upward momentum in the market is $23,800.