Bitcoin Rallies as Pivotal $46k Level is Breached

GB Market Commentary 28/03/2022

by Marcus Sotiriou

Bitcoin continued to rally over the weekend as it reached around $47,600 last night and is at $46,900 at time of writing. Bitcoin’s on-chain metrics, which have shown long term holders accumulating over the past few months, are finally proving to be accurate. With all macro headwinds being priced in for the short term, we are seeing some long-awaited relief. The Crypto Fear and Greed index has reached 60 which is classified as Greed – the last time it reached this level Bitcoin was around $60,000. Bitcoin is facing heavy resistance, but if it is able to hold above the $46,000 level (which roughly marks the yearly open) for several days, I expect a move to $52,000, which is the next key resistance. Bitcoin has closed above the short term holder cost basis (around $46,000) for the first time in months. It is clear that $46,000 is a key pivot for the short-term direction for the market.

More financial institutions to integrate crypto as Israel’s second-largest bank, Leumi, will be launching a cryptocurrency trading service to allow customers of its digital investment platform to trade cryptocurrencies. This will allow Leumi’s customers can trade cryptocurrencies through their trading account at Pepper Invest. In addition, the third-biggest retailer and distribution company in Spain, El Corte Ingles, is reportedly launching its own cryptocurrency exchange. They aim to take advantage of its current consumer base, whom the company feels are interested in investing in crypto through an established brand as opposed to a newer brand. If they are successful, which I feel is likely, I anticipate this will be a significant milestone as other retailers will undoubtedly do the same.