Bitcoin Update

The week for bitcoin turned out to be ambiguous. During the first three days of the working week, the bitcoin/dollar pair was trading in the $1,744 range between the $46,445-48,189 levels. Due to the lack of growth in US stock indices, buyers refused to storm the $50,000 level. Here, most likely, the weakening of bitcoin caused the emotions of investors who did not believe in the continuation of the rally from $37,555 (March 14 low). On Thursday and Friday, the BTC/USDt pair fell to $44,200, from which the price recovered to $47,213.

The spillage of shares on the stock markets could have been caused by the correction of portfolios by investors against the backdrop of the close of the month and the first quarter. Bitcoin was the first of the risky assets to become cheaper and the first to recover.

The S&P500 and Nasdaq turned up in the US session after the publication of the report on the US labor market. In March, data on new jobs in the United States exceeded the expectations of experts. The unemployment rate fell to 3.6%. The report's figures indicate the strength of the labor market and predict a 50 bp rate hike by the US Federal Reserve. in May and June.

On Saturday, April 2, the price was trading near the $47,000 level. The buyers held the defense above $44,500, so the bullish sentiment for the next week has been preserved. Buyers will encounter resistance at $47,900 along the way. If they pass successfully, they will open the road to the $51,000 level.

In the week from April 4 to 10, investors will focus on US statistics for March, as well as the minutes of the US Federal Reserve since the last meeting on March 16 (the regulator raised the rate by 25 basis points). The increase in rates hits the stock market, and through it the cryptocurrencies. Bitcoin is trying to break the link with stock indices, but it is not working, because it is a risky asset itself.

The growth of quotations is also constrained by EU and US regulators. The European Parliament voted to ban anonymous cryptocurrency transactions. It is planned to abolish the minimum threshold for cryptocurrency payments. To make transactions, participants will have to go through identification. If no one disputes the project, the process of discussion between the European Parliament, the European Commission and the Council of the EU will begin.

In the United States, a bill was introduced on the transparency of the stablecoin market. Issuers will be required to report on the quality of collateral under the new standards. If the law is passed, USDC and USDT could come under pressure.