Bitcoin Correction Risk Reduced, Large Investors Return to Activity

Bittime - The crypto industry was hit by a sharp correction in the last week. However, fresh air blew from the United States (US) Federal Reserve which gave a dovish signal. As a result, crypto prices, especially Bitcoin (BTC) , managed to rise. 

Bitcoin Correction Over?

Greeks.live macro analyst Adam, via the X platform, gave his views on the week's key market events and trends. He focuses on the US core Personal Consumption Expenditures (PCE) Price Index data which will be released on Friday (29 March 2024).

The Fed Governor Jerome Powell's speech last week strengthened expectations of an interest rate cut. If the core PCE data released on Friday is not too high, the Fed's interest rate policy is unlikely to put pressure on the currency market in the near future. 

The overall strengthening of the currency market last weekend also confirmed market optimism. Bitcoin's correction from 73,000 to 61,000 is likely over.

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Bitcoin Technical Analysis

Bitcoin and the entire crypto market have experienced corrections in recent times. However, with dovishness, crypto prices as a whole managed to rebound. 

Currently, Bitcoin price is around 66,500 US dollars and the risk of further decline is reduced. Judging from the volume side (Dvol), the decline continues. Dvol briefly reached 72.5, and is expected to fall further closer to the contract delivery date.

Also Read:  Bitcoin Price Correction: Definition, Causes, Impact, and How to Deal with It

Investor Sentiment in Crypto Markets

Interestingly, amidst the correction, there was increased activity from large investors on Bitfinex. They were observed adding leverage to their spot positions. This indicates that large investors see opportunities amidst the correction and are willing to take higher risks. Additionally, Greenleaf's interest rate market is showing activity again.

Also Read How To Buy Crypto:

Important Agenda This Week

There are no particularly significant macroeconomic events on Monday (25 March 2024). Markets will likely continue to digest the news and data from last weekend. However, some important economic data that needs to be paid attention to throughout this week is as follows.

• Tuesday (26 March 2024): US Consumer Confidence Index
• Wednesday (27 March 2024): German IFO Business Climate Index
• Thursday (28 March 2024): Revised US Gross Domestic Product (GDP).
• Thursday (28 March 2024): US Initial Jobless Claims Number
• Friday (29 March 2024): US Core PCE Price Index annual data (February 2024)

This data can influence investor sentiment and crypto asset price movements. It is important to always follow the latest developments and manage investment risks wisely.

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How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also: 

Bitcoin (BTC) Price Prediction: It's Time for a 10% Correction

Buy BTC: Beware of Bitcoin Price Correction Amid Market Euphoria

Bitcoin Price Update: Will the Correction Continue or Rise Again?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.