Bitcoin (BTC) bulls jumped in to defend the $40,000 level after a devastating retest of the $38,000 support on March 7. The confidence and momentum that was building up earlier in the month was suddenly shattered after BTC failed to break $44,500 for the third time this month on March 2. The Bitcoin price rally on March 9 has been partially attributed to this week’s expected United States inflation data report. Analysts expect another 40-year record high as the consumer price index (CPI) reaches 7.9% yearly gains. Furthermore, a statement from the U.S. Treasury Secretary Janet Yellen regarding President Biden’s executive order on digital assets was somewhat milder than expected. Although deleted from the U.S. Department of the Treasury website as it was seemingly released early by error, the order will apparently call for “a coordinated and comprehensive approach to digital asset policy.” The commodities rally was a presage for Bitcoin’s hike Considering that Bloomberg Commodities Index (BCOM) reached an all-time high of 134 on March 8, Bitcoin’s recent strength should not come as a surprise. Despite correcting to 129, the BCOM gains accumulated in 30 days remain at 18.5%, according to MarketWatch. According to the open interest on Friday’s options expiry, Bitcoin bulls placed heavy bets between $44,000 and $48,000. These levels might seem optimistic right now, but Bitcoin tested this level eight days ago. A broader view uses the call-to-put ratio and shows a 40% advantage to Bitcoin bulls, as the $460 million call (buy) instruments have a larger open interest versus the $330 million put (sell) options. However, the 1.40 call-to-put indicator is deceptive because most bullish bets will become worthless. For example, if Bitcoin’s price remains below $43,000 at 8:00 am UTC on March 11, only $190 million worth of those call (buy) options will be available. This effect happens because there is no value in the right to buy Bitcoin at $44,000 if it’s trading below that level. Bulls could pocket $140 million at $42,000 Below are the three most likely scenarios based on the current price action. The number of options contracts available on March 11 for bulls (call) and bear (put) instruments varies depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit: Between $40,000 and $42,000: 2,600 calls vs. 2,100 puts. The net result is balanced between call (bull) and put (bear) options. Between $42,000 and $43,000: 4,500 calls vs. 1,150 puts. The net result favors bulls by $140 million. Between $43,000 and $44,000: 5,100 calls vs. 700 puts. The net result favors the call (bull) instruments by $190 million. This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies. For instance, a trader could have sold a call option, effectively gaining a negative exposure to Bitcoin above a specific price. Unfortunately, there’s no easy way to estimate this effect. Bears need BTC price below $42,000 to balance the scales Bitcoin bulls need to hold $42,000 to score a $140 million profit on March 11. Furthermore, a mere 2% price hike from the current $42,200 level is enough for Bitcoin bulls to secure a $190-million gain on Friday’s options expiry. Bears will face difficulty suppressing the price given the short-term positive sentiment of inflation expectations and lessened pressure from regulators. Currently, options markets data favor the call (buy) options. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

  Bitcoin (BTC) reversed in classic fashion on March 10 after bulls failed once again to hold higher levels. Bart‘s back on the Bitcoin chart The pair had managed to pass $42,000 before consolidating, but a lack of support meant that a drop back to its previous trading zone below $40,000 was the grimly familiar outcome. Such Bart formations had come several times in the weeks prior and underscored the difficulty experienced by a market stuck firmly in an established trading range for months. Those hoping for upside continuation were thus left disappointed with cross-crypto liquidations for the 24 hours to the time of writing totaling $211 million, according to data from analytics resource Coinglass. “Fried bulls this morning,” popular trader Crypto Ed, who had called the end of the upside at Wednesday’s highs, told Twitter followers. “This is not PA but PP Ping Pong And yes, Asians always been good in Ping Pong,” he added, referring to both the up and down slopes of the “Bart” occurring during Asian market hours. March 10, meanwhile, would see the release of U.S. consumer price index (CPI) data for February, this tipped to show inflation still running hot at an estimated 7.9% year-on-year. “CPI number comes out tomorrow & the FOMC meeting is in less than a week (March 15 & 16),” trader and analyst Matthew Hyland forecasted in part of a March 9 tweet. “I expect volatility ahead, but increased certainty as a result.” An accompanying chart underlined key resistance levels for BTC/USD to overcome along with support at $36,300 and $33,000. Altcoins in copycat U-turn Bitcoin’s volatility likewise cost altcoins much of their latest gains, with Ether (ETH) down 5.1% to less than $2,600. Many others out of the top ten cryptocurrencies by market cap were equally gloomy on the day, with previous high flyer Terra (LUNA) nonetheless managing to linger near

  Volatility and choppy price action continued to dominate the cryptocurrency market on March 7 as news that United States President Joe Biden plans to sign an executive order later this week. This outline for the government‘s strategy for cryptocurrencies was added to the list of factors weighing down crypto prices.  Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) bulls were thwarted in an attempt to regain support at $40,000 on Monday as revelations about the upcoming executive order and the ongoing conflict in Ukraine tanked the market and dropped BTC to a low of $37,155. Here’s what several analysts in the market are saying about the outlook for BTC and whether or not crypto traders should prepare for an extended bear market. Are there signs of capitulation? A bearish perspective for the current price action was outlined by crypto trader and pseudonymous Twitter user ‘Crypto Tony’ who posted the following chart, outlining the potential for a capitulation into the low $20,000s for BTC if the current support levels break down. “Unless we start claiming some important supply zones, then this is something that must be considered. This choppy B wave will catch many off guard.” Looking for a bounce at $36,000 A more optimistic take on the current weakness was offered by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart outlining a possible pullback in BTC price to the low $36,000 range. “Well, Bitcoin is correcting still after a rejection at $39,200. Assuming we‘re going to take the low for some liquidity before we have a chance of some upwards momentum.” Technical evidence that the BTC price could soon mount a recovery was highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who posted the following chart noting that “My favorite signal is present — bullish divergence with oversold RSI on the 4-hour chart.” “That said, price really needs to get above the $39,600 to avoid hidden bearish divergence, so it’s really hard to get too excited. These divs can build quite a bit.” BTC can avoid a bear market above $29,000 An attempt to put those concerned with the possibility of a bear market at ease was made by crypto analyst and pseudonymous Twitter user ‘Plan C’ who posted the following chart and suggested that “people need to stop spreading misinformation.” “Bitcoin is NOT in a bear market. Above 29k = Mid-Cycle Accumulation. Below 29k = Bear Market. Since when do we put in a higher high and higher low in a bear market? This is crypto, traditional TA definitions of a bear market ( The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 42.3%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  Bitcoin remained under the $40,000 level on Sunday, as bears continued to pressure cryptocurrency markets. This pressure also kept ethereum lower, with the world’s second-largest crypto hovering around its long-term support level. Bitcoin Sunday saw the price of bitcoin (BTC) trade lower for a fifth consecutive session, as it was unable to shake off recent bearish pressure. BTC/USD fell to an intraday low of $38,211.65 on Sunday, which was around $500 lower than its bottom to start the weekend. Today’s move sees BTC fall to its lowest point since February 28, and is fast approaching its long-term floor of $37,600. Bitcoin, Ethereum Technical Analysis: ETH Prepares for Rally, While BTC Seeks Support BTC/USD – Daily Chart As a result of recent declines in price, mid-term momentum in the market has shifted, with the 25-day (blue) moving average crossing below the 10-day (red) MA. This is the first time since December 27 that we have seen such a cross, with the 25-day crossing below the 10-day from an upwards position. Such a shift in momentum could signal even more declines in price in upcoming sessions. Ethereum Although ethereum (ETH) was also lower on Sunday, its decline appeared to look more like consolidation than an actual selloff. Following a low of $2,587.75 on Saturday, ETH/USD had a bottom of $2,595.57 during today’s session thus far. This shows that prices are somewhat climbing, despite the onslaught of bearish action currently taking place in crypto markets. Bitcoin, Ethereum Technical Analysis: ETH Prepares for Rally, While BTC Seeks Support ETH/USD – Daily Chart A reason why we could be seeing this from ethereum and not bitcoin (BTC), is that currently the $2,550 support in ETH/USD seems well defined, as bitcoin still looks to be in search of its floor. Looking at the chart, the same can be said for the 14-day Relative Strength Index, which also has found support at 41.80, helping to give bulls a firm ground on which to stand on with potential future positions.

  Following Tuesday’s price surge, bitcoin was trading lower during today’s session, as markets hit a key resistance point. This comes as ETH was once again trading below the $3,000 level. As of writing, the crypto market cap is down 1.87%. Bitcoin BTC bulls ran into a stumbling block on Wednesday, as traders appeared to once again short the world’s largest cryptocurrency. Following a high of $44,793.60 yesterday, BTC/USD hit an intraday low of $43,307.96 earlier in today’s session. BTC is down 2.42% on the day, as of writing, and is currently trading at $43,637.72, with the 14-day RSI tracking at 58.7. Looking at the chart, Wednesday’s move occurred after BTC failed to break out of the $44,870 resistance level, which has historically been a point where bears entered. Bitcoin, Ethereum Technical Analysis: BTC Surge Stalls at Key Resistance Level BTC/USD – Daily Chart Similar to February 16, these bears halted the bullish onslaught, with many now expecting yet more consolidation from bitcoin. Price strength has also begun to trend in a downward direction, as the RSI ceiling of 62 held firm to start the week. If we are set for further consolidation, the floor of $42,120 could be the next price target for sellers. Ethereum Following a breakout from its own resistance level on Tuesday, the price of ETH was marginally lower on Wednesday, as it now trades below $3,000. Earlier in today’s session, ETH/USD hit a three-week intraday high of $3,045. However, these gains were short lived. As of writing, ETH has since dropped to a low of $2,907.46, as yesterday’s move has matured into a false breakout. ETH/USD – Daily Chart Should this bearish pressure continue to extend throughout the rest of the session, bears will likely be looking at taking ethereum back below $2,880. Relatively speaking, the prospects for bulls targeting $3,200 does remain, however, any further declines could lessen these chances, as prices will likely continue to consolidate.

  Veteran investor and fund manager Bill Miller explains why he thinks that it is currently “very bullish for bitcoin.” Miller noted that Russia has almost 50% of its reserves in currencies that are controlled by people who want to do them harm. Bill Miller’s Crypto Outlook: ‘It’s Very Bullish for Bitcoin’ Famed value investor Bill Miller talked about the outlook for crypto amid a war between Russia and Ukraine in an interview with CNBC Wednesday. He is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management. Following its invasion of Ukraine, a growing number of countries have imposed sanctions on Russia. This has caused the Russian ruble and stocks of Russian companies listed abroad to plummet. European Commission President Ursula von der Leyen said last week: “We will paralyze the assets of Russia’s central bank. This will freeze its transactions. And it will make it impossible for the central bank to liquidate its assets.” Miller explained: “If you look at Russia right now, Russia has 16% of their $640 billion of reserves in dollars. They have 32% in euros. So they have almost 50% of their reserves in currencies that are controlled by people who want to do them harm.” He elaborated: From Russia’s point of view, that’s not a great position to be in. They have 22% in gold and that’s the only part of their reserves which other countries can’t control. The billionaire investor opined: “So I think if you are a country out there that has a non-reserve currency — there’re about a hundred of them — you might think about saying: ‘You know what, maybe we could have something else out there that other countries cannot harm us with, and is impervious to inflation or to being manufactured in greater quantities.” He concluded: So I think it’s very bullish for bitcoin particularly. Miller proceeded to talk about other cryptocurrencies. “The rest of crypto is different,” he added. “I think bitcoin is unique, and the rest of cryptos should be considered as adventure investments because they all try to solve other problems.” The famed value investor has been a bitcoin bull for quite some time. In February, he said he had a “very big” bitcoin position and likened the crypto to digital gold in terms of a hedge against inflation. He also called BTC “insurance against financial catastrophe.”

  Veteran investor Mark Mobius, the founder of Mobius Capital, explains why the price of bitcoin is rallying as the Russia-Ukraine crisis deepens. “Bitcoin is showing strength now because the Russians have a way of getting money out,” he said. Mark Mobius on Why Bitcoin’s Price Is Rising The founder of Mobius Capital Partners, Mark Mobius, explained why the price of bitcoin has been rallying in an interview with CNBC Tuesday as the crisis between Russia and Ukraine escalates. Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios. He founded Mobius Capital Partners in March 2018. Mobius was asked whether he would buy bitcoin in this environment since the price of BTC is rallying. “I would not be a buyer,” he replied but noted, “If I was a Russian, I would be a buyer.” He proceeded to share that in Dubai where he lives, a lot of foreigners come to buy properties. He detailed: “I was talking to a property agent yesterday. He said they’ll buy anything. They get money out of Switzerland, they have Swiss bank accounts.” Mobius added: “If they can pay with bitcoin. Of course, that’s an avenue to get money out of Russia.” He continued: I would say that’s the reason why bitcoin is showing strength now because the Russians have a way of getting money out, of getting their wealth out. “Otherwise they are really in trouble with all the closures of different avenues for them to transfer money out,” the veteran investor opined. Mobius has long been a bitcoin skeptic. In November last year, he advised people not to look at cryptocurrencies as a means to invest. “It’s a means to speculate and have fun. But then you got to go back to stocks at the end of the day,” he advised. A number of analysts have said they doubt cryptocurrencies can help Russia evade sanctions. Ari Redbord of TRM Labs, for example, explained on CNBC Monday that while Russia will turn to cryptocurrencies, there is not enough liquidity in those markets to allow Moscow to deal with the heavy sanctions imposed by the U.S. and its allies.

  The People’s Bank of China, the central bank of the country, claimed in a recent note that China’s share in the global Bitcoin (BTC) transactions has dropped rapidly from over 90% to 10%. The Financial Stability Bureau of the Chinese central bank released a comprehensive note on Wednesday discussing the impact of the crypto crackdown on the financial markets. The official notice claimed that all peer-to-peer exchanges in the country had been eradicated, which eventually curbed the hype around digital currency transactions. A Google translated version of the note read: “The global proportion of Bitcoin transactions in China dropped rapidly from more than 90% to 10%. Severely cracked down on illegal financial activities such as disorderly handling of finance and crackdown on illegal fund-raising crimes.” China is among the few nations that have maintained an outright aggressive stance against crypto use since the beginning. The country’s first ban came in 2013 when it prohibited banks from handling Bitcoin transactions. This was followed by a ban on local cryptocurrency exchanges in 2017, forcing them to shut their operations completely. The country later ramped up its crypto crackdown efforts in 2021, when it carried out multiple regulatory operations to eradicate Bitcoin mining from the country and by September 2021, it had deemed all crypto transactions illegal. According to data from Statista, the annual share of Bitcoin trading volume in the digital yuan has dropped to near zero by 2018, post a ban on cryptocurrency exchanges. The trading volume of BTC in the Chinese yuan might have dropped down to near zero, but the decentralized nature of Bitcoin makes it impossible to ban. After a ban on local crypto exchanges in 2017, many Chinese traders turned to foreign crypto exchanges via VPN. When the Beijing government banned foreign crypto exchanges from offering any services in mainland China as well, the Chinese traders flocked to decentralized finance (DeFi) for anonymous trading.

  Calls from the crypto community for Ukraine to accept other cryptocurrencies have been answered. The official Ukraine Twitter account shared that it will now accept donations from Polkadot (DOT), while other cryptocurrencies will soon be added.  Gavin Wood, the co-founder of Polkadot had previously shared that if the Ukraine wallets were to add DOT, he would personally contribute $5 million. He made true on his promise, donating 298,367.2269896686 DOT, which is roughly $5.7 million, to Ukrainian wallets. Total crypto donations for Ukrainian charities, the military and the government have been over $37 million, by Cointelegraph estimates. Wood’s single donation comprises over 10% of the total crypto donations. Indeed, Wood’s donation is one of the largest individual crypto donations to date. Sam Bankman-Fried’s platform, FTX, donated $25 to each Ukrainian on his exchange platform, while CEO Deepak Thapliyal of Chain.com donated 100 Ether (ETH), or over $280,000 USD. Besides Wood, the Polkadot ecosystem had already contributed over $210,000 to the official DOT wallet for Ukraine since this morning, according to Polkadot blockchain data. For cryptocurrencies not accepted by Ukraine, Coingate, a Lithuanian-based fintech, offers a workaround. As a payment gateway for cryptocurrencies, Coingate allows holders of other cryptos to donate to Ukraine. Coingate manages the crypto payments for a list of over 70 cryptocurrencies, eventually crediting the Ukraine bank account with euros. Coingate told Cointelegraph, “In the past five days, we have raised 7000 EUR from various crypto communities.” To date, the crypto community has been quick to come to the aid of Ukraine with donations and words of encouragement. Twitter observers noted that Ukraine’s innovative crypto activity was an attempt at “making history.”

  According to a recent press release, major bitcoin mining firm BIT Mining Limited has entered a binding investment term sheet with Dory Creek LLC, a subsidiary of cloud mining service Bitdeer, to invest $25.74 million and jointly construct and operate a mining data center in Texas. The total power capacity of the center is expected to be 57.2 megawatts, with more than 85% of this generated by clean and low-carbon energy. BIT Mining has a total bitcoin mining hash rate capacity of over 1,031 petahashes per second. Its BTC.com mining pool currently contributes about 14.79 exahashes per second, or 9.85% of the total network hash rate. It also operates three hydroelectric cryptocurrency data centers and positioned the plans in Texas as a compliment to its mission to leverage only clean energy. “Upon completion of the Texas Mining Center, over 98% of [BIT Mining’s] total power capacity would be generated by clean and low-carbon energy,” according to the release. “Going forward, BIT Mining intends to do its part, fulfill its obligations to achieving carbon neutrality and proactively seek out additional high-quality mining resources overseas.” Texas’ almost nonexistent reserve margin for energy supply, and a relatively low energy cost has made it an attractive place for bitcoin mining operations. Bitmain has set up shop in the state and lawmakers there have outwardly embraced the practice.