Bitcoin rallies, zeroing in on $45k

Alpari

The cryptocurrency benchmark is approaching $45k, holding steady despite the geopolitical crisis, as well as the correction of global capital markets. The banking sector is dragging down the market for risk-sensitive assets as Russia has been expelled from Swift.

The cryptocurrency market has shrugged off the turmoil. Private investment inflows have climbed by $36 mln this week, with financial institutions looking for alternative instruments amid mounting military tensions. Crypto whales are aggressively launching BTC long positions.

Bitcoin is closing in on the upper consolidation range at $43,500. If buyers can still manage to break out above $45,700, we expect to see a large number of stop orders triggering lackluster buying. The benchmark could muster an upward move, up to $47k- 48k.

Technical analysis

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Market news

The total capitalization of the crypto market rose 2% on the day to $1.94 trln.

The Bitcoin dominance index hovered around 43%.

The cryptocurrency Fear and Greed Index added another point to 52, moving into neutral territory.

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