Crypto market analysis of March 27, 2024
Written by Yuya Hasegawa, bitbank
Crypto market analysis of March 27, 2024 :
Bitcoin showed strength on Monday this week after suffering a brutal 17% correction last week as capital flows to spot bitcoin ETFs significantly decreased. However, after recovering $70k on Monday, the rally has come to a halt.
While inflows to BlackRock and Fidelity’s ETFs have started to recover on Tuesday, the crypto and wider financial markets are waiting for February’s U.S. PCE to get a clue for the Fed’s next action.
Furthermore, the price will likely fluctuate around the $70k level until Friday’s option cut-off as the $70k strike has accumulated a significant amount of open interests. Even in the case where bitcoin fails to maintain that level, $65k should be a reliable support as the $65k strike has the most open interests at the moment. Plus, bitcoin’s short-term technical outlook has been improving, so the price could test its all time high if the U.S. PCE indicates some cooling in the pace of inflation.
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