A two-phase surge sees BTC/USD add 15% on the back of continued macro market turmoil.
Bitcoin (BTC) hit $44,000 overnight on Mar. 1 as a rally that began Monday sparked unexpected results.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Traders warns of “massive variables” for BTC price
The move had come in two main bursts, beginning just prior to the Wall Street open.
Against a highly uncertain macro backdrop, analysts had been hard-pressed to forecast what Bitcoin price action would do next, a mood that continued as local highs appeared.
Yesterdays #BTC trade we took with the group.
Didn’t expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo.
Nice, quick profit pic.twitter.com/1suDz8pk7p
— Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) March 1, 2022
Looking ahead to the month of March, popular trader and analyst Pentoshi noted that even more triggers were about to be added to the macro mix.
“Want to state, March is a month of massive variables,” he told Twitter followers on the day.
“So I think day to day approach is best. There is a lot going on in the world right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”
He nonetheless admitted that he “did not see coming” the extent of Bitcoin’s rapid gains, despite adopting a more bullish posture in February.
Aside from the ongoing Russia-Ukraine war, the U.S. Federal Reserve is due to make a decision on key interest rate hikes this month. U.S. consumer price index (CPI) data is due March 10.
Bears meanwhile took a hit from the latest events, with cross-crypto liquidations totalling $305 million in 24 hours, data from monitoring resource Coinglass showed.
Crypto liquidations chart. Source: Coinglass
LUNA shines as altcoins rebound
Bitcoin thus outperformed most of the top ten cryptocurrencies by market cap, with 24-hour returns hitting 15%.
Ether (ETH) managed to add around $370 to reach local highs of $2,970, still unable to crack major resistance higher up.
LUNA/USD 1-day candle chart (Binance). Source: TradingView