In the grand theater of finance, Bitcoin (BTC) pirouetted gracefully, seeking to solidify its higher support as the Wall Street bell tolled on March 20. The bulls, those audacious creatures, broke free from the shackles of a key downtrend, much like a rebellious poet escaping the confines of a dull existence.
Trump’s Vision: The Bitcoin Empire Awaits! 🏰
Data from the ever-watchful CryptoMoon Markets Pro and TradingView revealed that BTC/USD had ascended above the lofty heights of $86,000. Ah, the sweet scent of optimism wafted through the air, as Bitcoin continued to build upon its newfound strength, buoyed by the whispers of the US Federal Reserve’s benevolence.
Rumors, like mischievous sprites, danced about, hinting at further crypto announcements from the US government, propelling BTC to two-week highs. President Donald Trump, the maestro of this digital symphony, was set to deliver his virtual oratory on the third day of the Blockworks Digital Asset Summit 2025 in the bustling heart of New York.
In a moment of bravado, Trump reaffirmed his commitment to not sell the confiscated Bitcoin of the nation, while also vowing to dismantle the regulatory chains of Operation Chokepoint 2.0. Alas, no fresh revelations on BTC purchases graced the audience, leaving them in a state of eager anticipation.
He proclaimed:
“Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”
In this grand endeavor, BTC/USD reclaimed two vital moving average trend lines, including the revered 200-day simple moving average (SMA), a beacon of support during the bullish tides. The landscape, as analyzed by the astute trader Rekt Capital, revealed a similar reclaim of the 200-day exponential moving average (EMA), a veritable oracle of investor sentiment.
“Bitcoin has most recently Daily Closed above the 200 EMA and is now in the process of retesting it into new support,” he mused, his words echoing through the digital corridors of X, where the trend line was dubbed a “long-term gauge of investor sentiment towards BTC.”
In a further revelation, Rekt Capital unveiled a more impressive feat from the bulls, as the daily chart showcased a breakout from a downtrend on Bitcoin’s relative strength index (RSI) — a trend that had lingered since the autumn of 2024.
“Bitcoin has broken the Daily RSI Downtrend dating back to November 2024,” he confirmed, as if announcing the arrival of spring after a long, dreary winter.
Analysis: Will the Markets Awaken from Their Slumber? 😴💤
As the macro picture unfolded, trading firm QCP Capital maintained a cool demeanor, warning that the initial exuberance following the Fed’s decision could easily evaporate like morning mist. “Beyond the immediate excitement, the Fed’s tone was notably cautious,” they noted, as if trying to temper the wild enthusiasm of the crowd.
Policymakers, in their infinite wisdom, downgraded economic growth projections to a modest 1.7% (a 0.4% reduction), while raising their inflation forecast to 2.8%, signaling a growing risk of stagflation — a term that sounds like a bad sci-fi movie plot.
“Additionally, the Fed’s dot plot revealed a more hawkish shift from the one in December, with the number of officials forecasting no rate cuts in 2025 increasing to four.”
The latest data from CME Group’s FedWatch Tool indicated that markets were clinging to the hope of interest rate cuts no sooner than June. “Will the rally sustain, or will investors wake up to the reality that risks remain firmly in play?” QCP pondered, as if asking whether the sun would rise after a particularly wild night.
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2025-03-20 18:32