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BTC: bears regain the upper hand

Bitcoin soared 8.8% on Wednesday, March 9, ending the day at $41,900. The leading cryptocurrency apparently hit a hurdle in its attempt to break out above $42k. On Thursday morning, we saw an equally strong reversal move back to $39k. As a result, Bitcoin shed 5.6% in 24 hours, while Ethereum slid 4.8%.

Notably, on March 14 the European Parliament will approve the final version of the cryptocurrency regulation bill without wording that some had interpreted as a possible ban on proof-of-work Bitcoin mining. This week, US President Biden will also sign an executive order to regulate cryptocurrencies.

In our view, the US is making it clear that cryptocurrencies will not be allowed to become a shadow business and be used to circumvent sanctions, taxes, money laundering and other such issues.

Technical analysis

At the moment, Bitcoin continues to show weakness. The benchmark is consolidating at the lower bound of the current trading range at $38k. If the bears still manage to seize the initiative, then Bitcoin could break through the lower bound of the triangle and drop below $34k.

Market news

The total market capitalization of the cryptocurrency market decreased by 4.5% on the day to $1.75 trln.

The Bitcoin Dominance Index dropped from 43.0% to 42.7%.

The Cryptocurrency Fear and Greed Index added 6 points to 28, climbing into “fear” territory.

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