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BTC bulls target breakout at $45,700

The leading cryptocurrency has slowed down near the $45k resistance level. Investors were waiting for an important Federal Reserve meeting, at which Jerome Powell opted for a dovish rate liftoff in March. Instead of going for a 0.75 bp hike, under the current geopolitical conditions the regulator is inclined to favor a gradual increase of 0.25 bps. This factor could act as a positive driver for risk asset markets.

After freezing the Bank of Russia’s assets, the cryptoindustry benchmark shot up as much as 11%, staging one of the strongest rallies in recent months. Most likely, because of the new sanctions, the Russians have redistributed rapidly depreciating ruble assets and invested in cryptocurrencies.

Technical analysis

At the moment, price action is consolidating near the upper bound of $43,500. The current target is the resistance level, which is located at $45,700. If the bulls break out of this level, the uptrend is likely to gain traction

Top 100 crypto outperformers and underperformers by market cap

Ancor Protocol: $4.72 (+20.45%)

Convex Finance: $20.85 (-4.50%)

Industry news

The total capitalization of the crypto market decreased 2.5% $2.09 trln.

The Bitcoin dominance index is hovering around 43.1%.

The cryptocurrency Fear and Greed Index fell by 13 points to 29, again entering fear territory.

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