The last Bitcoin growth impulse confirmed the break of the downtrend: the chart rebounded resolutely from the previous upper bound of the downward trading range. However, as before in March, consolidation above the previous highs in the area of $45k is required to confirm a break in the trend.
On March 14, the European Parliament will approve the final version of the cryptocurrency regulation bill without wording that could be interpreted as a potential ban on Bitcoin mining. US President Biden will also sign an executive order to regulate cryptocurrencies this week.
Bitcoin is currently attempting to break above $42k. Buyers could seize the initiative as a pattern is formed, an exit from the triangle. As a result, the upward trend may continue up to $45k.
According to CoinMarketCap, the total capitalization of the cryptocurrency market grew by 6.9% on the day to $1.83 trln.
The Bitcoin dominance index rose 43%.
The Cryptocurrency Fear and Greed Index rose by 1 point to 22, remaining in "extreme fear" territory. Bitcoin was bought on the decline to $38k, and the move to $40k on Wednesday morning caused a surge in buying, likely due to the closing of some short positions, quickly bringing the rate to current levels.